<PAGE> 1
[PERFORMANCE FUNDS LOGO]
December 15, 1997
Dear Shareholder:
We're pleased to present you with the semi-annual report on the financial
conditions for the Performance Family of Funds for the period ending November
30, 1997. The Performance Funds are comprised of Money Market Fund, Short Term
Government Income Fund, Intermediate Term Government Income Fund, Large Cap
Equity Fund, Mid Cap Growth Fund, and Small Cap Fund and are managed by
Trustmark National Bank.
ECONOMIC REVIEW
For the past six months the U.S. economy has remained on track as employers
continued to create new jobs and the unemployment rate dropped to 4.6%, its
lowest level since October 1973. Economic data for the period continued a
pattern we have been seeing for some time -- strong growth and low inflation.
Prior to the financial crisis in the Far East and subsequent global equity
sell-off, the pace of the U. S. economy was accelerating and a Fed tightening
appeared imminent. For now, at least, the economy may experience a moderate
slowing in activity going into the new year as the residual effects of the Asian
crisis become more evident in early 1998. This does create somewhat of a dilemma
for the Fed. On the one hand, the Fed has to be concerned how continued troubles
in Asia will impact the U. S. economy, while on the other hand, how the
economy's six year plus expansion impacts future inflation.
In spite of signs of continued economic strength the Fed has chosen to
leave rates unchanged until they see outright evidence of a deterioration in
inflation. While the financial markets were volatile, the inflation news
continued to be favorable. With increased productivity, falling commodity
prices, a strong dollar, and inflation at 2.1% the Fed may continue to exercise
patience until they see outright wage pressures evidenced by higher unit labor
costs.
While we remain optimistic that the U. S. economy will continue to expand,
we recognize its susceptibility to global events, more so now than ever. For
this reason, we urge you to exercise patience, review your investment program
with your investment representative, and focus not on short-term market
movements, but on long-term investment goals.
As always, we appreciate your support, welcome your questions and look
forward to serving you in years to come.
Sincerely,
LOGO
John J. Pileggi
Chairman of the Board
- ------------
The views expressed in this shareholder letter and elsewhere, reflect those of
the individual who has signed the applicable letter and only through the end of
the period covered by the report as stated on the cover. Such views are subject
to change based upon the market and other conditions.
<PAGE> 2
PORTFOLIO MANAGER'S REPORT
PERFORMANCE MONEY MARKET FUND
The Performance Money Market Fund provided investors with a return of 2.70%
(2.58% for the Consumer Service Class) for the 6 months ended November 30, 1997.
During this period, the 7-day yield of the fund increased by 6 basis points to
5.39% from 5.33% on May 31, 1997. One of the main reasons for the small change
in short rates during this period was the flattening of the yield curve. As
longer rates came down during this time frame, the lack of activity from the
Federal Reserve and uncertainty in other world markets kept short rates stable.
The Fund invests primarily in high-quality, short-term instruments such as
U.S. Treasury obligations, U.S. Government Agency issues, bankers' acceptances,
commercial paper, and repurchase agreements. The fund is considered a "first
tier" Fund as a result of the high quality of the Fund's holdings. An investment
in the Fund is neither insured nor guaranteed by the U.S. Government. The Fund's
objective is to maintain a stable NAV of $1.00 per share. This has been
accomplished since the Fund's inception, but there can be no guarantee that it
will in the future.
Signed,
/s/ Kelly J. Collins
Kelly J. Collins
Trust Investment Officer
Trustmark National Bank
- ------------
All performance figures cited here represent past performance of the Money
Market Fund and do not guarantee future results.
PERFORMANCE SHORT TERM GOVERNMENT INCOME FUND
Shareholders of the Short Term Government Income Fund benefited from a 50
basis point decline in short term interest rates during the 6 month period
ending November 30, 1997. Share price rose from $9.75 to $9.82, while
maintaining an annualized dividend yield slightly over 5.60%. (Slightly over
5.35% for the Consumer Service Class). The increase in share value contributed
to a 6 month total return of 3.58% (3.46%) for the Institutional (Consumer
Service Class) shareholders. Our benchmark index, the Lehman Brothers 1-3 Year
Government Index, indicated a return of 3.69% for the same period.
Dividend yield was supported by the increase in allocation to short
government agency-backed mortgage securities to over 40%. In spite of the use of
mortgage securities, a high priority of the fund is to limit callability. The
fund is currently preferring mortgage securities backed by mortgages in the
lower spectrum of coupons, and priced at par or a discount. Over half the fund
is not callable at all. A posture which protects share value during a possible
decline in interest rates will be maintained. Price volatility has been, and
should remain low, relative to the behavior of short term interest rates.
Signed,
/s/ Jonathan Rogers
Jonathan Rogers, CFA
Vice President
Trustmark National Bank
- ------------
The Funds performance is compared to the Lehman Brothers, 1-3 Year Government
Index, which represents the performance of U.S. Government bonds with maturities
of 1 to 3 years. The index is unmanaged and does not reflect the deduction of
fees associated with a mutual fund, such as investment management and fund
accounting fees. The performance of the Performance Short Term Government Income
Fund reflects the deduction of fees for these value added services. Past
performance does not guarantee future results.
<PAGE> 3
PERFORMANCE INTERMEDIATE TERM GOVERNMENT INCOME FUND
For the six months ended November 30, 1997 the Performance Intermediate
Government Income Fund returned 6.28% (Consumer Service Class 6.14%) to its
shareholders. Our bench mark index, the Lehman Brothers Government/Corporate
Index, indicated a return of 6.99% for the same period. Share price, as measured
by net asset value, increased from $9.93 on May 31, 1997 to $10.24 on November
30, 1997.
Thanks to a bout of "Asian flu" the U.S. Treasury market was the
beneficiary of a classic "flight to quality" in October and November. Even
before the Asian crisis bond yields had already fallen from 6.91% at the end of
May to 6.40% by the end of September, fueled by the White House/Congressional
budget accord, benign inflation, and reduced Treasury supply. The markets'
optimism was evidenced by the spread compression between the 2 year and 30 year
Treasury (72BP to 31BP) from mid-August to the end of November. The Fed has left
rates alone as continued domestic job growth and falling unemployment have been
offset by increased productivity, falling commodity prices and a strong dollar.
Previously, the longest a "Greenspan" Fed had waited to tighten a second time in
a cycle was six weeks. Through November it has now been 36 weeks!
On November 30th, approximately 72% of the Fund's assets were invested in
U.S. Treasury and U.S. Agency securities while the other 28% consisted primarily
of high quality corporate debt. The Fund's average maturity was 8.57 years with
an average coupon of 6.71%.
The Fund continues to be managed with an investment objective to provide
shareholders with a high level of current income, with total return a secondary
consideration. Shareholders are reminded that volatility is inherent in fixed
income securities, and we encourage shareholders to view their investment using
long term investment goals, not short term market movements.
We appreciate your participation in the Performance Intermediate Term
Government Income Fund.
Signed,
/s/ Robert H. Spaulding
Robert H. Spaulding
Vice President & Trust Investment
Officer
- ------------
All performance figures cited here represent past performance of the
Intermediate Term Government Income Fund and do not guarantee future results.
Investment return and principal value of an investment will fluctuate so that an
investor's shares upon redemption may be worth more or less than their original
cost.
<PAGE> 4
PERFORMANCE LARGE CAP EQUITY FUND
For the six months ended November 30, 1997, the Large Cap Equity Fund had a
return of 14.44%, compared to the S&P 500 return of 13.59%. This was a period of
high volatility. In July we began to see some earnings estimates questioned; one
sector at a time, we saw damage to prices throughout the market. Although August
presented one of the Dow's worst performances in history (it lost 7.7% from its
August high) the market recovered, to take another jolt in October, only to
rally again (S&P made new high in November). The financial sector performed very
well (Merrill Lynch up 33%, Suntrust up 34%, Travelers up 39%); drug stocks
again helped our performance (Bristol Myers up 29%, Eli Lilly up 36%, Pfizer up
42%, Schering Plough up 39%); and telephone company stocks were good performers
(Bell Atlantic up 30%, SBC Communications up 26%). Other outstanding performers
were Walgreen up 38%, King World Production up 45%, Halliburton 41% and Gap up
57%.
We are still facing more earnings questions and in turn, probably even more
volatility.
Our efforts and resources continue to be directed at security selection and
not at market timing.
TEN LARGEST HOLDINGS*
(PERCENTAGES BASED ON NET ASSETS)
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. General Electric (3.76%) 4. Exxon (2.40%) 8. Royal Dutch (1.83%)
2. Microsoft (2.68%) 5. Intel (2.04%) 9. Merck (1.75%)
3. Coca-Cola (2.51%) 6. Schering Plough (2.04%) 10. Procter & Gamble (1.56%)
7. IBM (1.86%)
</TABLE>
Signed,
/s/ Charles H. Windham, Jr.
Charles H. Windham, Jr.
Vice President
Trustmark National Bank
- ------------
* Composition subject to change.
The Fund's performance is compared to the Standard & Poor's 500 Stock Index,
which represents the performance of the U.S. stock market as a whole. The index
is unmanaged, and does not reflect the deduction of fees associated with a
mutual fund, such as investment management and fund accounting fees. Past
performance does not guarantee future results.
<PAGE> 5
PERFORMANCE MID CAP GROWTH FUND
For the period June 1, 1997 to November 30, 1997, the Mid Cap Growth Fund
returned 16.90%. This compares favorably to the S&P MidCap 400 Index which
returned 15.85% during the same period.
The Financial Services sector was a strong contributor to the Fund's return
for the period. Positions in brokerage firms A.G. Edwards and Paine Webber, as
well as mutual fund manager Franklin Resources, increased on the order of 40%.
Holdings in the Retail sector also boosted results. Mac Frugal's Bargains and
Dollar General both returned 40% or more. In addition, holdings in the
Technology and Health Care sectors also featured big returns. Once again,
positions in the Temporary Staffing industry, notably Manpower Inc. and Olsten
Corp, provided disappointing results. Other holdings, such as Reynolds and
Reynolds and Vencor, also penalized results.
The Fund focuses on those companies in the MidCap Index with increasing
earnings prospects and attractive valuations. We plan to continue to direct our
concentration on the operating results of individual companies and not on market
timing. Listed below are the 10 largest holdings in the Fund at November 30,
1997:
TEN LARGEST HOLDINGS*
(PERCENTAGES BASED ON NET ASSETS)
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. Dollar General (2.16%) 4. Paine Webber (1.80%) 8. Bear Stearns Companies (1.67%)
2. Quantum Computer (2.00%) 5. Edwards (A.G.) (1.78%) 9. First Security Corp. (1.67%)
3. Franklin (1.86%) 6. Coca-Cola Enterprises (1.77%) 10. Mac Frugal's Bargains
Resources
7. Claire's Stores (1.67%) Close-Outs, Inc. (1.61%)
</TABLE>
Signed,
/s/ Douglas H. Ralston
Douglas H. Ralston, CFA
Vice President
Trustmark National Bank
- ------------
* Composition subject to change.
The Fund's performance is compared to the Standard & Poor's MidCap 400 Stock
Index, which is a capitalization-weighted index that measures the performance of
the mid-range sector of the U.S. stock market where the median market
capitalization is approximately $700 million. The index is unmanaged, and does
not reflect the deduction of fees associated with a mutual fund, such as
investment management and fund accounting fees. Past performance does not
guarantee future results.
<PAGE> 6
PERFORMANCE SMALL CAP FUND
The Small Cap Fund returned (7.99%) versus (5.01%) for the S&P 600 Small
Cap Index from its inception on October 1, 1997 through November 30, 1997.
Strong performing issues included selected Health Care companies such as
Lincare Holdings and Safeskin Corp. Utility stocks, such as Piedmont Natural Gas
& Central Hudson Gas & Electric, performed well in response to a decreasing
interest rate environment and increased volatility in the equity markets. In
sharp contrast, the Energy and Technology sectors experienced broad based
selloffs which contributed to the negative performance of both the index and the
fund.
We maintain a longer term view when selecting companies for the Small Cap
Fund and intend to use periods of volatility such as this to look for quality
companies that we can purchase at discounted prices.
TEN LARGEST HOLDINGS*
(PERCENTAGE BASED ON NET ASSETS)
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. Enhance Financial (1.93%) 4. ICN Pharmaceutical (1.81%) 8. Fremont General (1.69%)
2. Ross Stores (1.85%) 5. Tech Data (1.74%) 9. Novellus (1.62%)
3. Sola Int'l (1.83%) 6. Integrated Health (1.71%) 10. Manitowoc Co., Inc. (1.58%)
7. BE Aerospace, Inc. (1.70%)
</TABLE>
Signed,
/s/ Douglas P. Muenzenmay
Doug P. Muenzenmay
Portfolio Manager
- ------------
* Composition subject to change.
The Fund's performance is compared to the Standard & Poor's SmallCap Index,
which is a capitalization-weighted index that measures the performance of
selected U.S. stocks with a small market capitalization. The index is unmanaged,
and does not reflect the deduction of fees associated with a mutual fund, such
as investment management and fund accounting fees. Past performance does not
guarantee future results.
<PAGE> 7
PERFORMANCE FUNDS TRUST
MONEY MARKET FUND
Schedule of Portfolio Investments
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR S&P/MOODY'S
PRINCIPAL RATINGS VALUE
AMOUNT SECURITY DESCRIPTION (UNAUDITED) (NOTE 2)
- ----------- --------------------------------------------------------------- ----------- ------------
<S> <C> <C> <C>
BANKERS ACCEPTANCES -- 5.5%
BANKING -- 5.5%
$ 2,853,500 First Union Bank Corp., 5.48%, 12/8/1997....................... A1/P1 $ 2,850,459
2,000,000 First Union Bank Corp., 5.49%, 12/31/1997...................... A1/P1 1,990,850
1,750,000 Regions Bank, 5.55%, 12/12/1997................................ A1+/P1 1,747,032
8,500,000 Regions Bank, 5.50%, 2/27/1998................................. A1+/P1 8,385,723
4,157,537 Wachovia Bank Corp., 5.55%, 1/2/1998........................... A1+/P1 4,137,026
5,000,000 Wachovia Bank Corp., 5.65%, 1/29/1998.......................... A1+/P1 4,953,701
------------
TOTAL BANKERS ACCEPTANCES (Cost $24,064,791)................................ 24,064,791
------------
COMMERCIAL PAPER -- 58.9%
AGRICULTURE -- 4.5%
10,000,000 Cargill Inc., 5.50%, 12/17/1997................................ A1+/P1 9,975,556
5,000,000 Cargill Inc., 5.51%, 1/8/1998.................................. A1+/P1 4,970,919
5,000,000 Cargill Inc., 5.60%, 1/9/1998.................................. A1+/P1 4,969,667
------------
19,916,142
------------
AUTOMOTIVE -- 8.8%
5,000,000 Ford Motor Credit Corp., 5.71%, 1/6/1998....................... A1/P1 4,971,450
5,000,000 Ford Motor Credit Corp., 5.71%, 1/7/1998....................... A1/P1 4,970,657
6,000,000 Ford Motor Credit Corp., 5.68%, 1/23/1998...................... A1/P1 5,949,827
5,000,000 Ford Motor Credit Corp., 5.68%, 1/26/1998...................... A1+/P1 4,955,822
5,000,000 Toyota Motor Credit Corp., 5.50%, 12/5/1997.................... A1+/P1 4,996,944
8,056,000 Toyota Motor Credit Corp., 5.48%, 12/10/1997................... A1+/P1 8,044,963
2,500,000 Toyota Motor Credit Corp., 5.66%, 1/13/1998.................... A1+/P1 2,483,099
2,000,000 Toyota Motor Credit Corp., 5.66%, 1/16/1998.................... A1+/P1 1,985,536
------------
38,358,298
------------
BANKING -- 6.8%
5,000,000 Bank America Corp., 5.57%, 1/20/1998........................... A1/P1 4,961,319
5,000,000 Bank Of America, 5.60%, 1/9/1998............................... A1/P1 4,969,667
2,250,000 Core States Bank Corp., 5.48%, 12/1/1997....................... A1/P1 2,250,000
5,000,000 Norwest Bank Corp., 5.69%, 1/26/1998........................... A1+/P1 4,955,744
5,000,000 Suntrust Bank Corp., 5.52%, 12/3/1997.......................... A1/P1 4,998,467
3,000,000 Suntrust Bank Corp., 5.57%, 12/19/1997......................... A1/P1 2,991,645
5,000,000 Suntrust Bank Corp., 5.58%, 1/9/1998........................... A1/P1 4,969,775
------------
30,096,617
------------
BEVERAGES -- 1.1%
5,000,000 Coca-Cola, 5.61%, 1/21/1998.................................... A1+/P1 4,960,263
------------
BROKERAGE SERVICES -- 5.8%
5,000,000 Goldman Sachs Group LP, 5.65%, 2/9/1998........................ A1+/P1 4,945,069
5,000,000 Merrill Lynch, 5.63%, 1/2/1998................................. A1+/P1 4,974,978
6,000,000 Merrill Lynch, 5.63%, 1/5/1998................................. A1+/P1 5,967,158
5,000,000 Merrill Lynch, 5.73%, 1/23/1998................................ A1/P1 4,957,821
4,500,000 Merrill Lynch, 5.70%, 1/30/1998................................ A1+/P1 4,457,250
------------
25,302,276
------------
</TABLE>
See notes to financial statements.
1
<PAGE> 8
PERFORMANCE FUNDS TRUST
MONEY MARKET FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR S&P/MOODY'S
PRINCIPAL RATINGS VALUE
AMOUNT SECURITY DESCRIPTION (UNAUDITED) (NOTE 2)
- ----------- --------------------------------------------------------------- ----------- ------------
<S> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
CHEMICALS -- 2.3%
$ 5,000,000 Du Pont Chemical, 5.59%, 1/15/1998............................. A1+/P1 $ 4,965,063
5,000,000 Du Pont Chemical, 5.59%, 1/28/1998............................. A1+/P1 4,954,969
------------
9,920,032
------------
CONSUMER SERVICES -- 0.9%
1,275,000 Hasbro Inc., 5.53%, 12/15/1997................................. A1/P1 1,272,258
2,800,000 Hasbro Inc., 5.50%, 12/15/1997................................. A1/P1 2,794,011
------------
4,066,269
------------
DIVERSIFIED -- 4.6%
5,000,000 General Electric Capital Corp., 5.51%, 12/22/1997.............. A1+/P1 4,983,929
5,500,000 General Electric Capital Corp., 5.70%, 1/20/1998............... A1+/P1 5,456,458
5,000,000 General Electric Capital Corp., 5.71%, 1/22/1998............... A1+/P1 4,958,761
5,000,000 General Electric Capital Corp., 5.70%, 1/26/1998............... A1/P1 4,955,667
------------
20,354,815
------------
ENTERTAINMENT -- 2.3%
10,000,000 Walt Disney Co., 5.60%, 1/12/1998.............................. A1/P1 9,934,667
------------
FINANCIAL SERVICES -- 8.9%
6,000,000 Associates Credit Corp., 5.51%, 12/2/1997...................... A1+/P1 5,999,082
4,000,000 Associates Credit Corp., 5.53%, 12/19/1997..................... A1+/P1 3,988,940
5,000,000 Associates Credit Corp., 5.53%, 1/6/1998....................... A1+/P1 4,972,350
4,000,000 Associates Credit Corp., 5.68%, 1/16/1998...................... A1+/P1 3,970,969
10,000,000 Commercial Credit Corp., 5.48%, 12/1/1997...................... A1/P1 10,000,000
5,000,000 Commercial Credit Corp., 5.52%, 12/18/1997..................... A1/P1 4,986,967
5,000,000 Commercial Credit Corp., 5.63%, 1/5/1998....................... A1/P1 4,972,632
------------
38,890,940
------------
FOOD -- 0.9%
2,000,000 Kellogg Co., 5.53%, 12/2/1997.................................. A1+/P1 1,999,693
2,000,000 Kellogg Co., 5.58%, 12/17/1997................................. A1+/P1 1,995,040
------------
3,994,733
------------
HEALTH CARE -- 1.1%
5,000,000 Abbott Labs, 5.50%, 12/5/1997.................................. A1+/P1 4,996,944
------------
MINING -- 0.3%
1,230,000 Minnesota Mining And Manufacturing, 5.62%, 1/21/1998........... A1+/P1 1,220,207
------------
OIL/GAS -- 4.5%
10,000,000 Texaco Inc., 5.57%, 12/11/1997................................. A1/P1 9,984,527
10,000,000 Texaco Inc., 5.55%, 1/14/1998.................................. A1/P1 9,932,167
------------
19,916,694
------------
</TABLE>
See notes to financial statements.
2
<PAGE> 9
PERFORMANCE FUNDS TRUST
MONEY MARKET FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR S&P/MOODY'S
PRINCIPAL RATINGS VALUE
AMOUNT SECURITY DESCRIPTION (UNAUDITED) (NOTE 2)
- ----------- --------------------------------------------------------------- ----------- ------------
<S> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
PUBLISHING & PRINTING -- 5.2%
$ 5,000,000 Gannett Co., 5.55%, 1/7/1998................................... A1/P1 $ 4,971,479
10,000,000 Gannett Co., 5.65%, 1/8/1998................................... A1/P1 9,940,361
5,000,000 Gannett Co., 5.65%, 1/12/1998.................................. A1/P1 4,967,042
3,000,000 RR Donnelly & Sons 5.50%, 12/16/1997........................... A1/P1 2,993,125
------------
22,872,007
------------
RETAIL -- 0.9%
1,100,000 Toys "R" Us, 5.53%, 12/2/1997.................................. A1/P1 1,099,831
3,000,000 Toys "R" Us, 5.55%, 12/9/1997.................................. A1/P1 2,996,300
------------
4,096,131
------------
TOTAL COMMERCIAL PAPER (Cost $258,897,035).................................. 258,897,035
------------
CORPORATE BONDS -- 2.2%
AUTOMOTIVE -- 0.6%
2,800,000 Toyota Motor Credit Corp., 6.80%, 4/15/1998.................... AAA/AAA 2,810,363
------------
BANKING -- 1.1%
5,000,000 Norwest Bank Corp., 6.00%, 10/13/1997.......................... AA-/AA3 5,003,310
------------
FINANCIAL SERVICES -- 0.5%
2,000,000 Associates Credit Corp., 7.25%, 5/15/1998...................... AA-/AA3 2,011,274
------------
TOTAL CORPORATE BONDS (Cost $9,824,947)..................................... 9,824,947
------------
MUNICIPAL BOND -- 2.0%
8,500,000 Mississippi Business Finance Corp., 5.70%, 12/4/1997 (b)....... A1+/P1 8,500,001
------------
TOTAL MUNICIPAL BOND (Cost $8,500,001)...................................... 8,500,001
------------
U.S. GOVERNMENT AGENCY MORTGAGES -- 22.5%
FEDERAL FARM CREDIT BANK -- 6.1%
20,000,000 Federal Farm Credit Bank, 5.33%, 12/1/1997 (b)................. AAA/AAA 20,000,000
3,000,000 Federal Farm Credit Bank, 5.65%, 2/3/1998...................... AAA/AAA 2,999,571
4,000,000 Federal Farm Credit Bank, 5.70%, 9/2/1998...................... AAA/AAA 3,995,992
------------
26,995,563
------------
FEDERAL HOME LOAN BANK -- 7.4%
5,000,000 Federal Home Loan Bank, 5.45%, 5/28/1998....................... AAA/AAA 4,994,752
5,000,000 Federal Home Loan Bank, 5.63%, 12/26/1997...................... AAA/AAA 5,000,000
2,000,000 Federal Home Loan Bank, 5.715%, 3/20/1998...................... AAA/AAA 1,998,572
2,000,000 Federal Home Loan Bank, 5.73%, 1/27/1998....................... AAA/AAA 1,999,951
4,000,000 Federal Home Loan Bank, 5.75%, 2/27/1998....................... AAA/AAA 4,000,000
2,500,000 Federal Home Loan Bank, 5.75%, 8/18/1998....................... AAA/AAA 2,500,000
4,000,000 Federal Home Loan Bank, 5.80%, 1/21/1998....................... AAA/AAA 3,999,955
3,000,000 Federal Home Loan Bank, 5.80%, 6/12/1998....................... AAA/AAA 2,998,637
5,000,000 Federal Home Loan Bank, 6.00%, 6/23/1998....................... AAA/AAA 5,000,873
------------
32,492,740
------------
</TABLE>
See notes to financial statements.
3
<PAGE> 10
PERFORMANCE FUNDS TRUST
MONEY MARKET FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR S&P/MOODY'S
PRINCIPAL RATINGS VALUE
AMOUNT SECURITY DESCRIPTION (UNAUDITED) (NOTE 2)
- ----------- --------------------------------------------------------------- ----------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY MORTGAGES (CONTINUED)
FEDERAL HOME LOAN MORTGAGE CORP. -- 0.2%
$ 1,000,000 Federal Home Loan Mortgage Corp., 5.40%, 3/16/1998............. AAA/AAA $ 999,227
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 5.6%
3,675,000 Federal National Mortgage Assoc., 4.95%, 9/30/1998............. AAA/AAA 3,650,619
2,000,000 Federal National Mortgage Assoc., 5.16%, 8/26/1998............. AAA/AAA 1,990,533
1,100,000 Federal National Mortgage Assoc., 5.19%, 1/8/1998.............. AAA/AAA 1,099,422
1,000,000 Federal National Mortgage Assoc., 5.24%, 7/15/1998............. AAA/AAA 996,041
1,000,000 Federal National Mortgage Assoc., 5.25%, 5/13/1998............. AAA/AAA 996,892
1,000,000 Federal National Mortgage Assoc., 5.38%, 1/13/1998............. AAA/AAA 999,750
5,000,000 Federal National Mortgage Assoc., 5.50%, 2/18/1998............. AAA/AAA 4,997,536
3,000,000 Federal National Mortgage Assoc., 5.60%, 1/16/1998............. AAA/AAA 2,999,698
4,000,000 Federal National Mortgage Assoc., 5.63%, 8/14/1998............. AAA/AAA 3,996,644
2,900,000 Federal National Mortgage Assoc., 5.77%, 8/25/1998............. AAA/AAA 2,899,280
------------
24,626,415
------------
STUDENT LOAN MARKETING ASSOCIATION -- 3.2%
8,000,000 Student Loan Marketing Assoc., 5.54%, 2/25/1998................ AAA/AAA 7,997,075
2,000,000 Student Loan Marketing Assoc., 5.75%, 1/23/1998................ AAA/AAA 2,000,000
4,000,000 Student Loan Marketing Assoc., 5.775%, 9/9/1997................ AAA/AAA 3,998,310
------------
13,995,385
------------
TOTAL U.S. GOVERNMENT AGENCY MORTGAGES (Cost $99,109,330)................... 99,109,330
------------
U.S. TREASURY NOTES -- 0.2%
1,000,000 U.S. Treasury Notes, 5.125%, 2/28/1998......................... AAA/AAA 997,894
------------
TOTAL U.S. TREASURY NOTES (Cost $997,894)................................... 997,894
------------
U.S. TREASURY STRIPS -- 2.2%
10,000,000 U.S. Treasury Strips, 5.67%, 5/15/1998......................... AAA/AAA 9,743,846
------------
TOTAL U.S. TREASURY STRIPS (Cost $9,743,846)................................ 9,743,846
------------
REPURCHASE AGREEMENTS -- 6.5%
28,595,000 First Union (dated 11/28/97), 5.72%, 12/1/1997 (Proceeds at
maturity $28,608,630).......................................... 28,595,000
------------
Collateralized by:
Federal National Mortgage Assoc., Discount Note $29,186,120,
4/29/1998
TOTAL REPURCHASE AGREEMENTS (Cost $28,595,000).............................. 28,595,000
------------
TOTAL INVESTMENTS (Cost $439,732,844)(a) -- 100.0%.......................... 439,732,844
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0%............................... 126,763
------------
TOTAL NET ASSETS -- 100.0%.................................................. $439,859,607
============
</TABLE>
- ---------------
(a) Cost for federal income tax and financial reporting purposes are
substantially the same.
(b) Variable rate security. Maturity date represents next reset date.
See notes to financial statements.
4
<PAGE> 11
PERFORMANCE FUNDS TRUST
SHORT TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ------------ ----------------------------------------------------------------------------- ------------
<S> <C> <C>
MORTGAGE-BACKED SECURITIES -- 43.0%
FEDERAL HOME LOAN MORTGAGE CORP. -- 21.6%
$ 1,000,000 Federal Home Loan Mortgage Corp., Series 1675(D), 5.50%, 5/15/2014........... $ 995,940
10,000,000 Federal Home Loan Mortgage Corp., Series 1590(F), 6.00%, 1/15/2019........... 9,917,800
4,701,783 Federal Home Loan Mortgage Corp., Series 1414(E), 6.25%, 7/15/2005........... 4,708,130
10,760,000 Federal Home Loan Mortgage Corp., Series 1407(pf), 6.25%, 10/15/2016......... 10,758,064
------------
26,379,934
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 21.4%
1,372,229 Federal National Mortgage Assoc., Series 1993-142(A), 5.25%, 9/25/2016....... 1,356,462
2,000,000 Federal National Mortgage Assoc., Series 1993-73(D), 5.75%, 9/25/2016........ 1,984,020
5,000,000 Federal National Mortgage Assoc., Series 1993-26(E), 6.25%, 4/25/2016........ 4,991,150
10,000,000 Federal National Mortgage Assoc., Series 1993-102(G), 6.25%, 01/25/2020...... 9,983,500
2,163,000 Federal National Mortgage Assoc., Series 1993-10(E), 6.50%, 10/25/2004....... 2,171,890
5,000,000 Federal National Mortgage Assoc., Series 1994-65(PE), 6.75%, 7/25/2018....... 5,036,450
474,895 Federal National Mortgage Assoc., Series 1992-108(E), 7.00%, 5/25/2004....... 472,853
105,770 Federal National Mortgage Assoc., Series 1992-89(G), 7.00%, 9/25/2018........ 105,488
------------
26,101,813
------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost $52,410,290).......................... 52,481,747
------------
U.S. GOVERNMENT AGENCY MORTGAGES -- 12.6%
FEDERAL FARM CREDIT BANK -- 1.7%
2,000,000 Federal Farm Credit Bank, 6.490% 7/19/1999................................... 2,018,240
------------
FEDERAL HOME LOAN BANK -- 4.1%
5,000,000 Federal Home Loan Bank, 6.495% 8/09/2001..................................... 5,073,600
------------
FEDERAL HOME LOAN MORTGAGE CORP. -- 2.9%
1,500,000 Federal Home Loan Mortgage Corp., 6.395% 5/16/2000........................... 1,516,005
2,000,000 Federal Home Loan Mortgage Corp., 6.500% 6/8/1998............................ 2,002,680
------------
3,518,658
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 3.9%
1,000,000 Federal National Mortgage Assoc., 5.380% 1/06/1999........................... 993,220
1,705,000 Federal National Mortgage Assoc., 6.580% 10/02/2001.......................... 1,735,895
2,000,000 Federal National Mortgage Assoc., 6.625% 5/21/2001........................... 2,036,720
------------
4,765,835
------------
TOTAL U.S. GOVERNMENT AGENCY MORTGAGES (Cost $15,191,795).................... 15,376,360
------------
</TABLE>
See notes to financial statements.
5
<PAGE> 12
PERFORMANCE FUNDS TRUST
SHORT TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ------------ ----------------------------------------------------------------------------- ------------
<S> <C> <C>
U.S. TREASURY NOTES -- 42.3%
$ 12,000,000 U.S. Treasury Notes, 5.625% 2/28/2001........................................ $ 11,927,040
6,000,000 U.S. Treasury Notes, 5.875% 4/30/1998........................................ 6,008,580
10,000,000 U.S. Treasury Notes, 5.875% 10/31/1998....................................... 10,013,900
11,000,000 U.S. Treasury Notes, 6.00% 8/15/1999......................................... 11,035,750
10,000,000 U.S. Treasury Notes, 6.125% 9/30/2000........................................ 10,077,500
2,500,000 U.S. Treasury Notes, 7.250% 2/15/1998........................................ 2,508,200
------------
TOTAL U.S. TREASURY NOTES (Cost $51,268,347) 51,570,970
------------
MONEY MARKET MUTUAL FUNDS -- 1.7%
2,117,273 AIM Treasury Money Market.................................................... 2,117,273
TOTAL MONEY MARKET MUTUAL FUNDS (Cost $2,117,273)............................ 2,117,273
------------
TOTAL INVESTMENTS (Cost $120,987,706)(a) -- 99.6%............................ 121,546,350
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.4%................................ 448,023
------------
TOTAL NET ASSETS -- 100.0%................................................... $121,994,373
============
</TABLE>
- ---------------
(a) Represents aggregate cost for federal income tax purposes and is
substantially the same as the identified cost and differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............................... $565,947
Unrealized depreciation............................... (7,303)
--------
Net unrealized appreciation........................... $558,644
=========
</TABLE>
See notes to financial statements.
6
<PAGE> 13
PERFORMANCE FUNDS TRUST
INTERMEDIATE TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- ----------------------------------------------------------------------------- ------------
<S> <C> <C>
CORPORATE BONDS -- 27.3%
AEROSPACE -- 0.9%
$ 250,000 Raytheon Company, 6.50%, 7/15/2005........................................... $ 250,000
250,000 Raytheon Company, 7.375%, 7/15/2025.......................................... 251,250
250,000 Rockwell International Corporation, 6.625%, 6/1/2005......................... 255,312
250,000 WMX Corporation, 6.250%, 10/15/2000.......................................... 248,438
------------
1,005,000
------------
AUTOMOTIVE -- 1.6%
500,000 Ford Motor Company, 7.25%, 10/01/2008........................................ 526,875
250,000 Ford Motor Company, 7.125%, 11/15/2025....................................... 255,625
1,000,000 General Motors Corporation, 7.10%, 3/15/2006................................. 1,037,500
------------
1,820,000
------------
BANKING -- 2.6%
250,000 Bankers Trust Company, 7.125%, 7/31/2002..................................... 255,313
500,000 Bankers Trust Company, 7.50%, 11/15/2015..................................... 514,374
500,000 Chase Manhattan Corporation, 8.00%, 5/1/2005................................. 504,375
250,000 Chase Manhattan Corporation, 6.50%, 1/15/2009................................ 245,625
250,000 First Bank, N.A., 6.875%, 4/1/2006........................................... 253,438
250,000 NationsBank Corporation, 6.875%, 2/15/2005................................... 254,688
350,000 NationsBank Corporation, 7.19%, 7/30/2012.................................... 358,750
500,000 Norwest Bank Corporation, 6.00%, 3/15/2000................................... 498,750
------------
2,885,313
------------
BEVERAGES -- 0.7%
500,000 Coca-Cola Enterprises, Inc., 6.625%, 8/1/2004................................ 507,500
250,000 Coca-Cola Enterprises, Inc., 6.75%, 9/15/2023................................ 245,000
------------
752,500
------------
CHEMICALS -- 1.3%
500,000 Air Products & Chemicals, Inc., 7.375%, 5/1/2005............................. 528,750
750,000 E.I. du Pont de Nemours and Co. 6.00%, 12/1/2001............................. 744,375
250,000 PPG Industries, Inc., 6.875%, 8/1/2005....................................... 257,500
------------
1,530,625
------------
COMPUTER EQUIPMENT -- 0.4%
500,000 IBM Credit Corporation, 7.00%, 11/5/2007..................................... 500,625
------------
CONSUMER NON-DURABLE -- 0.5%
250,000 American Home Products, Inc., 7.250%, 3/1/2023............................... 261,250
250,000 Kimberly-Clark Corporation, 6.875%, 2/15/2014................................ 257,500
------------
518,750
------------
DIVERSIFIED -- 0.6%
650,000 General Electric Capital Corporation, 6.90%, 9/15/2015....................... 682,500
------------
</TABLE>
See notes to financial statements.
7
<PAGE> 14
PERFORMANCE FUNDS TRUST
INTERMEDIATE TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- ----------------------------------------------------------------------------- ------------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
FINANCIAL SERVICES -- 10.9%
$ 500,000 American General Corporation, 6.75%, 6/15/2005............................... $ 503,125
250,000 American General Corporation, 7.50%, 7/15/2025............................... 266,563
250,000 Associates Corporation of North America, 6.00%, 3/15/2000.................... 249,063
500,000 Associates Corporation of North America, 6.50%, 8/15/2002.................... 502,500
1,500,000 Associates Credit Corporation, 6.00%, 6/15/2000.............................. 1,492,499
500,000 Bankers Trust, 6.00%, 9/30/1999.............................................. 497,500
500,000 Bear Stearns Company, 6.625%, 10/01/2004..................................... 501,250
250,000 CIT Group Holdings, 6.375%, 10/01/2002....................................... 249,063
500,000 Ford Motor Credit Corporation, 6.06%, 12/27/2000............................. 495,625
250,000 Household Finance Corporation, 6.375%, 6/30/2000............................. 250,625
500,000 Household Finance Corporation, 6.70%, 6/15/2002.............................. 509,375
500,000 Household Finance Corporation, 6.875%, 3/1/2007.............................. 511,250
500,000 Household Finance Corporation, 7.30%, 7/30/2012.............................. 509,375
500,000 IBM Credit Corporation, 7.00%, 5/29/2001..................................... 512,500
250,000 International Lease Finance, 6.125%, 11/1/1999............................... 249,688
500,000 International Lease Finance, 6.20%, 11/6/2000................................ 499,375
500,000 ITT Hartford Corporation, 7.30%, 11/01/2015.................................. 515,000
500,000 Merrill Lynch & Company, 7.00%, 4/27/2008.................................... 517,499
250,000 Merrill Lynch & Company, 6.25%, 10/15/2008................................... 244,063
1,000,000 Merrill Lynch & Company, 7.15%, 7/30/2012.................................... 1,029,999
250,000 Norwest Corporation, 6.50%, 6/1/2005......................................... 249,688
500,000 Norwest Financial, Inc., 6.375%, 9/15/2002................................... 501,250
500,000 Smith Barney Holdings, Inc., 7.50%, 5/1/2002................................. 521,249
500,000 Smith Barney Holdings, Inc., 6.625%, 7/1/2002................................ 503,750
500,000 The Travelers Group, Inc., 6.125%, 6/15/2000................................. 499,375
250,000 The Travelers Group, Inc., 6.625%, 9/15/2005................................. 252,500
------------
12,633,749
------------
MACHINERY & EQUIPMENT -- 0.4%
500,000 John Deere, 6.00%, 2/1/1999.................................................. 500,000
------------
MANUFACTURING-CONSUMER GOODS -- 0.4%
500,000 Monsanto Company, 6.00%, 7/1/2000............................................ 498,750
------------
PHARMACEUTICALS -- 0.2%
250,000 Eli Lilly & Company, 7.125%, 6/1/2025........................................ 264,688
------------
RETAIL -- 1.3%
250,000 J.C. Penney & Company, 6.875%, 10/15/2015.................................... 245,625
250,000 Rite-Aid Corporation, 6.875%, 8/15/2013...................................... 246,250
500,000 Sears, Roebuck & Co., 6.00%, 5/1/2000........................................ 496,875
500,000 Sears Roebuck Acceptance Corporation, 6.70%, 11/15/2006...................... 507,500
------------
1,496,250
------------
</TABLE>
See notes to financial statements.
8
<PAGE> 15
PERFORMANCE FUNDS TRUST
INTERMEDIATE TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- ----------------------------------------------------------------------------- ------------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
RETAIL-GROCERY -- 0.3%
$ 300,000 Albertsons, 6.375%, 6/1/2000................................................. $ 301,875
------------
TELECOMMUNICATIONS -- 1.3%
250,000 Motorola, Inc., 6.50%, 3/1/2008.............................................. 252,812
250,000 Northern Telecommunications, 6.875%, 9/1/2023................................ 250,938
250,000 Southwestern Bell Telephone Company, 6.25%, 10/15/2002....................... 249,688
250,000 Southwestern Bell Telephone Company, 7.20%, 10/15/2026....................... 251,563
250,000 U.S. West Communications, Inc., 6.375%, 10/15/2002........................... 250,000
250,000 U.S. West Communications, Inc., 7.50%, 6/15/2023............................. 255,624
------------
1,510,625
------------
TELEPHONE -- 1.1%
250,000 Chesapeake Bell Telephone Virginia, 7.00%, 7/15/2025......................... 245,938
250,000 New York Telephone Company, 7.25%, 2/15/2024................................. 250,938
500,000 Southern New England Telecommunication, Inc., 7.00%, 8/15/2005............... 514,999
240,000 Southern New England Telecommunication, Inc., 7.125%, 8/1/2007............... 252,000
------------
1,263,875
------------
UTILITIES -- 2.8%
250,000 Consolidated Edison Company of New York, Inc., 6.625%, 7/1/2005.............. 253,437
250,000 Consolidated Edison Company of New York, Inc., 7.500%, 6/15/2023............. 257,187
250,000 Duke Power Company, 6.875%, 8/1/2023......................................... 241,875
225,000 Georgia Power Company, 6.625%, 4/1/2003...................................... 226,688
250,000 Northern States Power Company, 7.125%, 7/1/2025.............................. 261,562
250,000 Pacific Gas & Electric Company, 6.25%, 3/1/2004.............................. 249,063
250,000 Pacific Gas & Electric Company, 7.25%, 8/1/2026.............................. 248,438
250,000 Pacificorp, 6.625%, 6/1/2007................................................. 249,375
250,000 Public Service Electric & Gas, 6.00%, 5/1/2000............................... 249,063
250,000 Southern California Edison Company, 6.12%, 6/1/2001.......................... 251,563
250,000 Southern California Edison Company, 6.90%, 10/1/2018......................... 244,063
500,000 Virginia Electric & Power Company, 6.75%, 2/1/2007........................... 506,874
------------
3,239,188
------------
TOTAL CORPORATE BONDS (Cost $30,792,388)..................................... 31,404,313
------------
MORTGAGE-BACKED SECURITIES -- 0.1%
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.0%
6,399 Federal National Mortgage Assoc., Pool #106594, 9.00%, 12/01/1997............ 6,583
14,687 Federal National Mortgage Assoc., Pool #114579, 8.00%, 2/01/1998............. 15,093
------------
21,676
------------
</TABLE>
See notes to financial statements.
9
<PAGE> 16
PERFORMANCE FUNDS TRUST
INTERMEDIATE TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- ----------------------------------------------------------------------------- ------------
<S> <C> <C>
MORTGAGE-BACKED SECURITIES (CONTINUED)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 0.1%
$ 7,912 Government National Mortgage Assoc., Pool #192407, 9.00%, 1/15/2017.......... $ 8,382
61,169 Government National Mortgage Assoc., Pool #210311, 9.00%, 6/15/2017.......... 64,829
43,622 Government National Mortgage Assoc., Pool #271741, 9.00%, 3/15/2020.......... 46,242
------------
119,453
------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost $139,251)............................. 141,129
------------
U.S. GOVERNMENT AGENCY MORTGAGES -- 30.6%
FEDERAL HOME LOAN BANK -- 0.9%
1,000,000 Federal Home Loan Bank, 7.25%, 3/7/2011...................................... 997,730
------------
FEDERAL HOME LOAN MORTGAGE CORP. -- 7.9%
1,000,000 Federal Home Loan Mortgage Corporation, 7.256%, 9/17/2001.................... 1,011,160
1,000,000 Federal Home Loan Mortgage Corporation, 7.05%, 03/24/2004.................... 1,000,030
2,000,000 Federal Home Loan Mortgage Corporation, 7.520%, 9/1/2005..................... 2,009,720
1,000,000 Federal Home Loan Mortgage Corporation, 6.970%, 10/3/2005.................... 1,014,260
1,000,000 Federal Home Loan Mortgage Corporation, 7.405%, 4/19/2006.................... 1,027,580
1,000,000 Federal Home Loan Mortgage Corporation, 7.275%, 2/11/2006.................... 999,890
1,000,000 Federal Home Loan Mortgage Corporation, 8.000%, 4/9/2007..................... 1,005,180
1,000,000 Federal Home Loan Mortgage Corporation, 7.25%, 7/17/2007..................... 1,000,600
------------
9,068,420
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 19.9%
1,720,000 Federal National Mortgage Association, 6.25%, 11/10/1999..................... 1,720,017
5,000,000 Federal National Mortgage Association, 7.00%, 5/10/2001...................... 5,066,450
2,000,000 Federal National Mortgage Association, 7.08%, 5/16/2002...................... 2,023,320
2,000,000 Federal National Mortgage Association, 6.23%, 7/18/2002...................... 2,011,640
2,000,000 Federal National Mortgage Association, 7.125%, 2/19/2004..................... 2,001,620
1,000,000 Federal National Mortgage Association, 7.33%, 4/2/2007....................... 1,036,200
1,000,000 Federal National Mortgage Association, 7.30%, 5/13/2004...................... 1,015,080
1,000,000 Federal National Mortgage Association, 7.00%, 8/19/2004...................... 1,001,980
2,000,000 Federal National Mortgage Association, 6.49%, 1/19/2006...................... 1,983,580
1,000,000 Federal National Mortgage Association, 7.32%, 5/3/2006....................... 1,024,710
1,000,000 Federal National Mortgage Association, 7.19%, 11/6/2006...................... 1,024,460
2,000,000 Federal National Mortgage Association, 7.00%, 7/17/2007...................... 2,016,760
1,000,000 Federal National Mortgage Association, 7.67%, 4/6/2011....................... 1,000,370
------------
22,926,187
------------
U.S. GOVERNMENT AGENCY -- 1.9%
180,606 Small Business Administration Loan Agreements, 12.25%, 11/15/1998............ 182,412
2,000,000 Tennessee Valley Authority, 6.375%, 6/15/2005................................ 2,025,000
------------
2,207,412
------------
TOTAL U.S. GOVERNMENT AGENCY MORTGAGES (Cost $34,744,683).................... 35,199,749
------------
</TABLE>
See notes to financial statements.
10
<PAGE> 17
PERFORMANCE FUNDS TRUST
INTERMEDIATE TERM GOVERNMENT INCOME FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- ----------------------------------------------------------------------------- ------------
<S> <C> <C>
U.S. TREASURY NOTES -- 40.9%
U.S. TREASURY BONDS -- 18.2%
$10,000,000 U.S. Treasury Bonds, 7.25%, 5/15/2016........................................ $ 11,256,400
4,000,000 U.S. Treasury Bonds, 7.25%, 8/15/2022........................................ 4,563,360
5,000,000 U.S. Treasury Bonds, 6.25%, 8/15/2023........................................ 5,086,400
------------
20,906,160
------------
U.S. TREASURY NOTES -- 22.7%
3,750,000 U.S. Treasury Notes, 5.875%, 8/15/1998....................................... 3,754,575
2,500,000 U.S. Treasury Notes, 5.00%, 2/15/1997........................................ 2,478,200
3,000,000 U.S. Treasury Notes, 6.00%, 8/15/1999........................................ 3,009,750
2,500,000 U.S. Treasury Notes, 6.375%, 1/15/2000....................................... 2,529,550
2,500,000 U.S. Treasury Notes, 5.50%, 4/15/2000........................................ 2,483,375
1,500,000 U.S. Treasury Notes, 6.25%, 5/31/2000........................................ 1,515,150
2,000,000 U.S. Treasury Notes, 6.25%, 2/28/2002........................................ 2,028,160
5,000,000 U.S. Treasury Notes, 6.25%, 6/30/2002........................................ 5,075,850
3,000,000 U.S. Treasury Notes, 7.25%, 8/15/2004........................................ 3,226,200
------------
26,100,810
------------
TOTAL U.S. TREASURY NOTES (Cost $45,431,938)................................. 47,006,970
------------
MONEY MARKET MUTUAL FUNDS -- 0.1%
65,210 AIM Treasury Money Market.................................................... 65,210
------------
TOTAL MONEY MARKET MUTUAL FUNDS (Cost $65,210)............................... 65,210
------------
TOTAL INVESTMENTS (Cost $111,173,471) (a) -- 99.0%........................... 113,817,371
OTHER ASSETS IN EXCESS OF LIABILITIES -- 1.0%................................ 1,159,597
------------
TOTAL NET ASSETS -- 100.0%................................................... $114,976,968
============
</TABLE>
- ---------------
(a) Represents aggregate cost for federal income tax purposes and is
substantially the same as the identified cost and differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............................. $2,688,114
Unrealized depreciation............................. (44,214)
----------
Net unrealized appreciation......................... $2,643,900
==========
</TABLE>
See notes to financial statements.
11
<PAGE> 18
PERFORMANCE FUNDS TRUST
LARGE CAP EQUITY FUND
Schedule of Portfolio Investments
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- --------- ------------------------------------------------------------------------------- ------------
<S> <C> <C>
COMMON STOCKS -- 97.5%
AEROSPACE/DEFENSE -- 1.1%
30,000 Boeing Company(b).............................................................. $ 1,593,750
13,000 Lockheed Martin Corporation.................................................... 1,268,313
------------
2,862,063
------------
AUTOMOTIVE -- 2.0%
32,000 Chrysler Corporation(b)........................................................ 1,098,000
49,000 Ford Motor Company(b).......................................................... 2,107,000
32,000 General Motors Corporation..................................................... 1,952,000
------------
5,157,000
------------
BANKING -- 6.1%
30,000 Bank of New York Company, Inc.................................................. 1,612,500
34,000 BankAmerica Corporation........................................................ 2,482,000
18,000 BankBoston Corporation(b)...................................................... 1,604,250
19,000 Chase Manhattan Corporation.................................................... 2,063,875
22,000 Citicorp(b).................................................................... 2,638,624
30,000 NationsBank Corporation........................................................ 1,801,875
30,000 Suntrust Banks, Inc.(b)........................................................ 2,130,000
5,000 Wells Fargo & Company.......................................................... 1,536,250
------------
15,869,374
------------
BEVERAGES -- 3.9%
27,000 Anheuser Busch Companies, Inc.(b).............................................. 1,166,063
104,000 Coca-Cola Company.............................................................. 6,500,000
64,000 PepsiCo, Inc................................................................... 2,360,000
------------
10,026,063
------------
BUSINESS EQUIPMENT & SERVICES -- 0.8%
17,000 Federal Express Corporation(b)................................................. 1,140,062
25,000 Ryder System, Inc.............................................................. 907,813
------------
2,047,875
------------
CAPITAL GOODS -- 1.4%
30,000 Illinois Tool Works, Inc.(b)................................................... 1,644,375
44,000 Sherwin-Williams Company....................................................... 1,256,750
20,000 Timken Company................................................................. 708,750
------------
3,609,875
------------
CHEMICALS -- 1.0%
10,000 Dow Chemical Company(b)........................................................ 987,500
18,000 Praxair, Inc................................................................... 790,875
20,000 Union Carbide Corporation...................................................... 882,500
------------
2,660,875
------------
</TABLE>
See notes to financial statements.
12
<PAGE> 19
PERFORMANCE FUNDS TRUST
LARGE CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- --------- ------------------------------------------------------------------------------- ------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
CLOTHING -- 0.3%
17,000 Liz Claiborne, Inc.(b) $ 854,250
------------
COMPUTER EQUIPMENT -- 2.5%
21,000 Computer Associates International, Inc.(b)..................................... 1,093,313
68,000 Intel Corporation(b)........................................................... 5,278,500
------------
6,371,813
------------
COMPUTER SOFTWARE -- 4.0%
21,000 Adobe Systems, Inc.(b)......................................................... 882,000
30,000 Cisco Systems, Inc.(b)......................................................... 2,587,500
49,000 Microsoft Corporation.......................................................... 6,933,499
------------
10,402,999
------------
COMPUTERS -- 4.2%
33,000 Compaq Computer Corporation(b)................................................. 2,060,438
15,000 Dell Computer Corporation(b)................................................... 1,262,813
44,000 Hewlett Packard Company(b)..................................................... 2,686,749
44,000 International Business Machines Corporation.................................... 4,820,749
------------
10,830,749
------------
CONSUMER DURABLES -- 0.1%
11,000 Maytag Corporation............................................................. 355,438
------------
CONSUMER DURABLES -- AUTO RELATED -- 0.2%
11,000 Dana Corporation(b)............................................................ 514,250
------------
CONSUMER NON-DURABLE -- 3.9%
28,000 Colgate-Palmolive Company...................................................... 1,870,750
33,000 ConAgra, Inc.(b)............................................................... 1,185,938
31,000 Gillette Company............................................................... 2,861,687
33,000 Kimberly-Clark Corporation..................................................... 1,718,063
20,000 Premark International, Inc..................................................... 522,500
25,000 Wrigley (WM.) Jr. Company...................................................... 1,978,125
------------
10,137,063
------------
CONSUMER SERVICES -- 1.6%
10,000 Dow Jones & Company, Inc....................................................... 505,625
41,000 Mattel, Inc.................................................................... 1,642,563
60,000 Meredith Corporation........................................................... 2,092,500
------------
4,240,688
------------
DIVERSIFIED -- 3.8%
132,000 General Electric Company....................................................... 9,735,000
------------
</TABLE>
See notes to financial statements.
13
<PAGE> 20
PERFORMANCE FUNDS TRUST
LARGE CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- --------- ------------------------------------------------------------------------------- ------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
ELECTRONICS -- 0.4%
20,000 National Service Industries, Inc............................................... $ 936,250
------------
ENERGY -- 7.9%
23,000 Amoco Corporation(b)........................................................... 2,070,000
31,000 Chevron Corporation............................................................ 2,485,813
102,000 Exxon Corporation.............................................................. 6,221,999
38,000 Halliburton Company............................................................ 2,049,625
40,000 Mobil Corporation(b)........................................................... 2,877,500
90,000 Royal Dutch Petroleum -- New York Shares ADR................................... 4,741,875
------------
20,446,812
------------
ENTERTAINMENT -- 1.1%
30,000 The Walt Disney Company(b)..................................................... 2,848,125
------------
FINANCE -- BROKERS -- 1.6%
19,000 Merrill Lynch.................................................................. 1,333,563
54,000 The Travelers Group, Inc....................................................... 2,727,000
------------
4,060,563
------------
FINANCIAL SERVICES -- 4.1%
31,000 American Express Company....................................................... 2,445,124
54,000 Federal Home Loan Mortgage Corporation......................................... 2,227,500
49,000 Federal National Mortgage Association.......................................... 2,587,812
22,000 Green Tree Financial Corporation(b)............................................ 673,750
39,000 Morgan Stanley Dean Witter Discover............................................ 2,118,188
15,000 SunAmerica, Inc................................................................ 607,500
------------
10,659,874
------------
FOOD -- 1.2%
20,000 Hershey Foods Corporation...................................................... 1,227,500
32,000 Unilever NV. -- New York Shares ADR............................................ 1,858,000
------------
3,085,500
------------
HEALTH CARE -- 10.0%
34,000 Abbott Laboratories(b)......................................................... 2,210,000
25,000 American Home Products Corp.................................................... 1,746,875
21,000 Baxter International, Inc.(b).................................................. 1,063,125
40,000 Bristol-Meyers Squibb Company.................................................. 3,745,000
55,000 Johnson & Johnson, Inc......................................................... 3,461,563
11,000 Manor Care, Inc................................................................ 387,750
48,000 Merck & Company, Inc........................................................... 4,539,000
</TABLE>
See notes to financial statements.
14
<PAGE> 21
PERFORMANCE FUNDS TRUST
LARGE CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- --------- ------------------------------------------------------------------------------- ------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
HEALTH CARE (CONTINUED)
84,000 Schering-Plough Corporation.................................................... $ 5,265,749
22,000 Warner Lambert Company......................................................... 3,077,250
------------
25,496,312
------------
INSURANCE -- 2.5%
29,000 Allstate Corporation........................................................... 2,490,375
33,000 American International Group, Inc.(b).......................................... 3,326,813
12,000 MGIC Investment Corporation.................................................... 701,250
------------
6,518,438
------------
LEISURE -- 0.4%
18,000 King World Productions, Inc.................................................... 978,750
------------
MACHINERY & EQUIPMENT -- 0.5%
20,000 Caterpillar, Inc.(b)........................................................... 958,750
7,000 Harnischfeger Industries, Inc.(b).............................................. 267,313
------------
1,226,063
------------
MANUFACTURING -- 0.4%
30,000 Black & Decker Corporation..................................................... 1,102,500
------------
MULTI INDUSTRY -- 2.1%
30,000 Allied-Signal, Inc.(b)......................................................... 1,113,750
12,000 Lowes Corporation(b)........................................................... 1,273,500
38,000 Textron, Inc................................................................... 2,246,750
29,000 Whitman Corporation............................................................ 763,063
------------
5,397,063
------------
OIL/GAS -- 0.4%
15,000 Helmerich & Payne, Inc......................................................... 1,140,938
------------
PHARMACEUTICALS -- 4.0%
46,000 Eli Lilly & Company(b)......................................................... 2,900,875
48,000 Pfizer, Inc.................................................................... 3,492,000
53,000 Procter & Gamble Company....................................................... 4,044,562
------------
10,437,437
------------
RAILROADS -- 0.5%
39,000 Norfolk Southern Corporation................................................... 1,240,688
------------
RAW MATERIALS -- 2.6%
14,000 Aluminum Company Of America(b)................................................. 941,500
22,000 Avery-Dennison Corporation..................................................... 921,250
</TABLE>
See notes to financial statements.
15
<PAGE> 22
PERFORMANCE FUNDS TRUST
LARGE CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- --------- ------------------------------------------------------------------------------- ------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
RAW MATERIALS (CONTINUED)
26,000 Cyprus Amax Minerals Company................................................... $ 476,125
45,000 E.I. du Pont de Nemours and Co................................................. 2,725,312
17,000 Ecolab, Inc.................................................................... 867,000
17,000 Hercules, Inc.(b).............................................................. 825,563
------------
6,756,750
------------
RETAIL -- 5.0%
23,000 Circuit City Stores, Inc.(b)................................................... 754,688
27,000 Gap, Inc.(b)................................................................... 1,449,563
20,000 J.C. Penney Company............................................................ 1,285,000
30,000 McDonalds Corporation.......................................................... 1,455,000
20,000 Sears, Roebuck & Company....................................................... 916,250
96,000 Wal-Mart Stores, Inc........................................................... 3,833,999
98,000 Walgreen Company............................................................... 3,154,374
------------
12,848,874
------------
SHELTER -- 0.5%
18,000 Armstrong World Industries, Inc.(b)............................................ 1,240,875
------------
TECHNOLOGY -- 3.3%
29,000 Andrew Corporation............................................................. 768,500
19,000 Ceridian Corporation........................................................... 833,625
50,000 Loral Space & Communications Ltd............................................... 1,109,375
29,000 Northrop Grumman Corporation................................................... 3,269,750
27,000 Raytheon Company(b)............................................................ 1,510,313
19,000 Rockwell International Corporation............................................. 926,250
------------
8,417,813
------------
TELECOMMUNICATIONS -- 7.8%
26,000 Ameritech Corporation(b)....................................................... 2,003,625
64,000 AT & T Corporation(b).......................................................... 3,575,999
27,000 Bell Atlantic Corporation...................................................... 2,409,750
42,000 BellSouth Corporation(b)....................................................... 2,299,500
42,000 GTE Corporation................................................................ 2,123,625
23,000 Lucent Technologies, Inc.(b)................................................... 1,842,875
27,000 Motorola, Inc.................................................................. 1,697,625
37,000 SBC Communications, Inc........................................................ 2,694,063
28,000 Sprint Corporation............................................................. 1,639,750
------------
20,286,812
------------
TEXTILES AND APPAREL -- 0.2%
10,000 V.F. Corporation............................................................... 461,875
------------
</TABLE>
See notes to financial statements.
16
<PAGE> 23
PERFORMANCE FUNDS TRUST
LARGE CAP EQUITY FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- --------- ------------------------------------------------------------------------------- ------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
TRANSPORTATION & SHIPPING -- 0.4%
12,000 Burlington Northern Santa Fe Corporation....................................... $ 1,098,000
------------
UTILITIES -- 1.0%
50,000 Entergy Corporation(b)......................................................... 1,300,000
52,000 Firstenergy Corporation........................................................ 1,404,000
------------
2,704,000
------------
UTILITIES -- ELECTRIC -- 2.7%
45,000 Consolidated Edison Company of New York, Inc................................... 1,698,750
46,000 Detroit Edison Company......................................................... 1,509,375
39,000 Pacific Enterprises............................................................ 1,379,625
100,000 Southern Company............................................................... 2,400,000
------------
6,987,750
------------
TOTAL COMMON STOCKS (Cost $142,334,754) 252,053,437
------------
MONEY MARKET MUTUAL FUNDS -- 2.5%
6,571,401 AIM Treasury Money Market...................................................... 6,571,401
------------
TOTAL MONEY MARKET MUTUAL FUNDS (Cost $6,571,401).............................. 6,571,401
------------
TOTAL INVESTMENTS (Cost $148,906,155)(a) -- 100.0%............................. 258,624,838
OTHER ASSETS IN EXCESS OF LIABILITIES 0.0%..................................... 128,916
------------
TOTAL NET ASSETS -- 100.0%..................................................... $258,753,754
============
</TABLE>
- ---------------
ADR -- American Depository Receipt.
(a) Represents aggregate cost for federal income tax purposes and is
substantially the same as the identified cost and differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................... $110,704,783
Unrealized depreciation........................... (986,100)
------------
Net unrealized appreciation....................... $109,718,683
=============
</TABLE>
(b) Non-income producing securities.
See notes to financial statements.
17
<PAGE> 24
PERFORMANCE FUNDS TRUST
MID CAP GROWTH FUND
Schedule of Portfolio Investments
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- --------------------------------------------------------------------------- ------------
<S> <C> <C>
COMMON STOCKS -- 94.9%
ADVERTISING -- 1.1%
23,000 Omnicom Group, Inc.(b)..................................................... $ 1,704,875
------------
AEROSPACE/DEFENSE -- 0.9%
24,000 Precision Castparts Corporation............................................ 1,425,000
------------
AUTO PARTS -- 1.2%
56,000 Kaydon Corporation(b)...................................................... 1,844,500
------------
BANKING -- 1.6%
77,000 City National Corporation.................................................. 2,502,500
------------
BANKING & FINANCIAL SERVICES -- 1.3%
42,000 Pacific Century............................................................ 2,142,000
------------
BUILDING PRODUCTS -- 2.1%
30,000 Carlisle Company(b)........................................................ 1,275,000
20,000 Vulcan Materials Company(b)................................................ 2,033,750
------------
3,308,750
------------
BUSINESS EQUIPMENT & SERVICES -- 2.7%
82,500 Comdisco, Inc.............................................................. 2,413,125
57,000 Manpower, Inc.............................................................. 1,916,625
------------
4,329,750
------------
CAPITAL GOODS -- 3.7%
80,000 American Power Conversion Corporation...................................... 2,429,999
30,000 Avnet, Inc................................................................. 1,987,500
29,000 Kennametal, Inc.(b)........................................................ 1,527,938
------------
5,945,437
------------
CHEMICALS -- 2.1%
13,000 IMC Global, Inc............................................................ 409,500
43,000 Olin Corporation(b)........................................................ 2,128,500
36,100 Wellman, Inc.(b)........................................................... 764,869
------------
3,302,869
------------
COMMERCIAL SERVICES -- 1.1%
115,000 Olsten Corporation(b)...................................................... 1,710,625
------------
COMPUTER EQUIPMENT -- 2.0%
120,000 Quantum Corporation(b)..................................................... 3,195,000
------------
COMPUTER SOFTWARE -- 3.1%
30,000 BMC Software, Inc.......................................................... 1,946,250
76,500 Cadence Design Systems, Inc................................................ 1,931,625
54,200 Reynolds & Reynolds Company(b)............................................. 1,036,575
------------
4,914,450
------------
CONSUMER DURABLES -- 1.2%
72,000 Harley-Davidson, Inc....................................................... 1,903,500
------------
</TABLE>
See notes to financial statements.
18
<PAGE> 25
PERFORMANCE FUNDS TRUST
MID CAP GROWTH FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- --------------------------------------------------------------------------- ------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
CONSUMER NON-DURABLE -- 3.8%
92,700 Coca-Cola Enterprises, Inc................................................. $ 2,833,143
56,800 IBP, Inc.(b)............................................................... 1,295,750
37,533 Lancaster Colony Corporation............................................... 1,876,650
------------
6,005,543
------------
CONSUMER SERVICES -- 0.4%
28,500 Banta Corporation.......................................................... 712,500
------------
DRUGS -- 1.0%
70,000 Mylan Laboratories(b)...................................................... 1,553,125
------------
ELECTRICAL EQUIPMENT -- 0.3%
20,000 Ametek, Inc................................................................ 475,000
------------
ELECTRONIC COMPONENTS/INSTRUMENTS -- 0.9%
65,000 Vishay International....................................................... 1,377,188
------------
ELECTRONICS -- 2.8%
24,000 Analog Devices, Inc........................................................ 753,000
62,000 Arrow Electronics, Inc..................................................... 1,898,750
36,000 Sundstrand Corporation(b).................................................. 1,847,250
------------
4,499,000
------------
ENERGY -- 2.6%
40,000 Smith International, Inc.(b)............................................... 2,560,000
48,600 Tosco Corporation(b)....................................................... 1,582,538
------------
4,142,538
------------
ENVIRONMENTAL SERVICES -- 0.5%
24,000 U.S.A. Waste Services Inc.(b).............................................. 793,500
------------
FINANCIAL SERVICES -- 11.2%
37,200 AFLAC, Inc................................................................. 1,715,850
64,139 Bear Stearns Companies, Inc................................................ 2,661,769
21,800 Crestar Financial Corporation.............................................. 1,119,975
84,000 Edwards (A.G.), Inc........................................................ 2,845,500
78,300 First Security Corporation(b).............................................. 2,652,413
33,000 Franklin Resources, Inc.................................................... 2,965,874
85,500 Paine Webber Group, Inc.................................................... 2,874,937
32,000 Regions Financial Corp.(b)................................................. 1,236,000
------------
18,072,318
------------
FOOD -- 0.4%
20,000 Interstate Bakeries Corporation(b)......................................... 691,250
------------
FOREST PRODUCTS -- 0.2%
7,000 Consolidated Papers, Inc................................................... 377,125
------------
</TABLE>
See notes to financial statements.
19
<PAGE> 26
PERFORMANCE FUNDS TRUST
MID CAP GROWTH FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- --------------------------------------------------------------------------- ------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
HEALTH CARE -- 3.8%
30,000 Beckman Instruments, Inc................................................... $ 1,173,750
21,900 Datascope Corporation...................................................... 559,819
37,000 HealthCare COMPARE Corporation............................................. 1,928,625
62,000 Stryker Corporation........................................................ 2,441,249
------------
6,103,443
------------
INDUSTRIAL GOODS & SERVICES -- 0.6%
24,000 HARSCO Corporation(b)...................................................... 951,000
------------
INSURANCE -- 0.9%
26,325 Mercantile Bancorporation.................................................. 1,368,900
------------
MANUFACTURING -- 3.0%
48,000 Callaway Golf.............................................................. 1,530,000
17,600 Danaher Corporation........................................................ 1,034,000
51,000 Leggett & Platt, Inc.(b)................................................... 2,193,000
------------
4,757,000
------------
MEDICAL-HOSPITAL SERVICES -- 0.8%
56,000 Vencor, Inc.(b)............................................................ 1,358,000
------------
METALS -- 0.5%
10,700 Brush Wellman, Inc......................................................... 254,125
24,300 Hanna (M.A.) Company(b).................................................... 599,906
------------
854,031
------------
OIL/GAS -- 0.9%
47,000 Valero Energy(b)........................................................... 1,474,625
------------
OIL/GAS EXPLORATION -- 1.6%
13,000 BJ Services Company........................................................ 933,563
43,400 Ensco International, Inc.(b)............................................... 1,551,550
------------
2,485,113
------------
PHARMACEUTICALS -- 1.5%
80,000 Watson Pharmaceutical, Inc.(b)............................................. 2,380,000
------------
PUBLISHING & PRINTING -- 1.2%
20,000 Belo (A.H.) Corporation -- Common Series A................................. 986,250
2,000 Washington Post Company.................................................... 910,500
------------
1,896,750
------------
RAILROADS -- 0.6%
20,000 Trinity Industries(b)...................................................... 907,500
------------
RAW MATERIALS -- 1.2%
36,000 Cleveland Cliffs, Inc...................................................... 1,552,500
11,220 Ultramar Diamond Shamrock Corporation(b)................................... 341,509
------------
1,894,009
------------
</TABLE>
See notes to financial statements.
20
<PAGE> 27
PERFORMANCE FUNDS TRUST
MID CAP GROWTH FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- --------------------------------------------------------------------------- ------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
RESTAURANTS -- 1.0%
52,500 Outback Steakhouse(b)...................................................... $ 1,571,719
------------
RETAIL -- 7.6%
55,000 BJ's Wholesale Club, Inc.(b)............................................... 1,601,875
118,000 Claire's Stores, Inc....................................................... 2,669,750
91,796 Dollar General Corporation(b).............................................. 3,453,824
34,800 Hannaford Brothers Company(b).............................................. 1,398,525
55,000 Homebase, Inc.(b).......................................................... 460,625
60,000 Mac Frugal's Bargains Close-Outs, Inc.(b).................................. 2,572,500
------------
12,157,099
------------
RETAIL-SPECIAL LINE -- 0.7%
40,000 Staples, Inc.(b)........................................................... 1,127,500
------------
SHELTER -- 1.2%
119,375 Clayton Homes, Inc.(b)..................................................... 1,962,227
------------
TECHNOLOGY -- 2.5%
83,000 International Game Technologies(b)......................................... 2,075,000
32,000 Varian Associates, Inc.(b)................................................. 1,848,000
------------
3,923,000
------------
TELECOMMUNICATIONS -- 0.3%
17,000 Alliant Communications, Inc. Class A....................................... 514,250
------------
TELECOMMUNICATIONS -- SERVICE AND EQUIPMENT -- 0.6%
25,000 ADC Telecommunications Inc................................................. 929,688
------------
TEXTILES -- 2.1%
46,000 Jones Apparel Group, Inc................................................... 2,242,500
28,700 Unifi, Inc.(b)............................................................. 1,090,600
------------
3,333,100
------------
TRANSPORTATION -- 2.3%
45,000 Illinois Central Corporation(b)............................................ 1,622,813
37,000 Tidewater, Inc............................................................. 2,074,312
------------
3,697,125
------------
TRANSPORTATION & SHIPPING -- 0.8%
44,000 Atlantic Southeast Airlines................................................ 1,303,500
------------
</TABLE>
See notes to financial statements.
21
<PAGE> 28
PERFORMANCE FUNDS TRUST
MID CAP GROWTH FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- --------------------------------------------------------------------------- ------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
UTILITIES -- 11.0%
38,000 Central Louisiana Electric................................................. $ 1,104,375
42,000 Century Telephone Enterprises.............................................. 1,934,624
38,000 CMS Energy Corporation(b).................................................. 1,496,250
61,000 Delmarva Power & Light Company(b).......................................... 1,288,625
60,000 Illinova Corporation(b).................................................... 1,451,250
34,000 MCN Corporation............................................................ 1,298,375
34,000 New England Electric System(b)............................................. 1,402,500
55,000 New York Gas & Electric Company(b)......................................... 1,691,250
32,000 NIPSCO Industries, Inc.(b)................................................. 1,498,000
25,000 Oklahoma Gas & Electric Company(b)......................................... 1,271,875
33,000 Pinnacle West Capital(b)................................................... 1,272,563
42,000 Public Service of New Mexico Company(b).................................... 858,375
45,000 Scana Corporation(b)....................................................... 1,243,125
------------
17,811,187
------------
TOTAL COMMON STOCKS (Cost $98,381,086)..................................... 151,689,109
------------
MONEY MARKET MUTUAL FUNDS -- 3.2%
5,095,198 AIM Treasury Money Market.................................................. 5,095,198
------------
TOTAL MONEY MARKET MUTUAL FUNDS (Cost $5,095,198).......................... 5,095,198
------------
U.S. TREASURY BILLS -- 1.9%
3,000,000 U.S. Treasury Bills, 5.17%, 2/5/1998....................................... 2,971,978
------------
TOTAL U.S. TREASURY BILLS (Cost $2,971,978)................................ 2,971,978
------------
TOTAL INVESTMENTS (Cost $106,448,261) (a) -- 100.0%........................ 159,756,285
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0%.............................. 32,231
------------
TOTAL NET ASSETS -- 100.0%................................................. $159,788,516
============
</TABLE>
- ---------------
(a) Represents aggregate cost for federal income tax purposes and is
substantially the same as the identified cost and differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............................ $56,154,459
Unrealized depreciation............................ (2,846,435)
-----------
Net unrealized appreciation........................ $53,308,024
============
</TABLE>
(b) Non-income producing securities.
See notes to financial statements.
22
<PAGE> 29
PERFORMANCE FUNDS TRUST
SMALL CAP FUND
Schedule of Portfolio Investments
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- ------------------------------------------------------------------------------ -----------
<S> <C> <C>
COMMON STOCKS -- 95.9%
BUSINESS EQUIPMENT & SERVICES -- 6.9%
23,000 ADVO, Inc.(b)................................................................. $ 500,250
7,000 Franklin Covey Company........................................................ 148,313
15,000 Insurance Auto Auctions(b).................................................... 165,000
15,000 Jack Henry & Associates....................................................... 378,750
3,000 Kronos, Inc.(b)............................................................... 93,750
5,000 National Computer Systems, Inc.(b)............................................ 182,500
12,000 New England Business Services, Inc.(b)........................................ 380,250
20,000 OHM Corporation(b)............................................................ 170,000
35,000 Paxar Corporation(b).......................................................... 524,999
7,500 Stone & Webster, Inc.......................................................... 351,563
10,000 Zebra Technologies............................................................ 318,750
-----------
3,214,125
-----------
CAPITAL GOODS -- 7.8%
33,000 Dravo Group Corporation(b).................................................... 327,938
1,500 Hadco Corporation............................................................. 93,000
14,500 Kent Electronics Corporation(b)............................................... 485,750
10,000 Lone Star Industries Corporation(b)........................................... 521,250
22,000 Manitowoc Company, Inc.(b).................................................... 732,874
12,000 Methode Electronics(b)........................................................ 195,000
19,000 Pacific Scientific Company(b)................................................. 301,625
10,000 Regal-Beloit Corporation(b)................................................... 271,875
15,000 Texas Industries, Inc.(b)..................................................... 698,438
-----------
3,627,750
-----------
CONSUMER DURABLES -- 2.1%
15,000 A.O. Smith Corporation(b)..................................................... 638,438
35,000 TBC Corporation............................................................... 354,375
-----------
992,813
-----------
CONSUMER NON-DURABLE -- 7.6%
19,000 BMC Industries, Inc.(b)....................................................... 352,688
18,000 Kellwood Company(b)........................................................... 617,625
25,000 Nautica Enterprises, Inc.(b).................................................. 701,562
15,000 Russ Berrie & Company, Inc.................................................... 448,125
15,000 Smithfield Foods, Inc.(b)..................................................... 530,625
11,000 St. John Knits, Inc........................................................... 420,063
20,000 Wolverine World Wide, Inc..................................................... 456,250
-----------
3,526,938
-----------
CONSUMER SERVICES -- 3.4%
10,000 Bell Sports................................................................... 83,750
12,500 Marcus Corporation(b)......................................................... 353,125
15,000 Merrill Corporation(b)........................................................ 301,875
</TABLE>
See notes to financial statements.
23
<PAGE> 30
PERFORMANCE FUNDS TRUST
SMALL CAP FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- ------------------------------------------------------------------------------ -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
CONSUMER SERVICES (CONTINUED)
10,000 Nelson (Thomas), Inc.(b)...................................................... $ 113,125
10,000 Prime Hospitality Corporation................................................. 191,250
17,500 Valassis Communications, Inc.(b).............................................. 526,094
-----------
1,569,219
-----------
ENERGY -- 5.7%
10,000 Camco International, Inc.(b).................................................. 627,500
28,000 Input/Output, Inc.(b)......................................................... 724,500
20,000 Oceaneering International, Inc.(b)............................................ 412,500
6,300 Seitel, Inc.(b)............................................................... 242,550
2,500 Tuboscope, Inc.(b)............................................................ 61,563
30,000 Vintage Petroleum, Inc.(b).................................................... 581,250
-----------
2,649,863
-----------
FINANCIAL SERVICES -- 15.4%
10,000 Allied Group, Inc.(b)......................................................... 409,375
15,000 American Bankers Insurance Group(b)........................................... 607,500
25,000 AMRESCO, Inc.(b).............................................................. 700,000
10,000 Arthur J. Gallagher & Company................................................. 357,500
7,500 Capital Re Corporation(b)..................................................... 420,469
10,000 CMAC Investment Corporation................................................... 519,375
16,000 Enhance Financial Services Corporation(b)..................................... 893,999
17,000 Fremont General Corporation................................................... 781,999
20,000 Frontier Insurance Group, Inc.(b)............................................. 481,250
15,000 Orion Capital................................................................. 675,938
10,000 Protective Life Corporation................................................... 561,250
11,000 Provident Financial Group..................................................... 495,000
4,100 Selective Insurance Group, Inc.(b)............................................ 206,538
-----------
7,110,193
-----------
HEALTH CARE -- 10.8%
5,000 ADAC Laboratories(b).......................................................... 104,375
28,000 Alpharma, Inc................................................................. 640,500
17,000 ICN Pharmaceuticals, Inc.(b).................................................. 840,437
26,000 Integrated Health Services(b)................................................. 791,374
10,600 Lincare Holdings, Inc......................................................... 596,250
3,284 Paragon Health Network(b)..................................................... 170,358
15,000 Patterson Dental Company(b)................................................... 615,938
4,300 Safeskin Corporation.......................................................... 204,788
28,000 Sola International, Inc.(b)................................................... 846,999
10,000 Tecnol Medical Products, Inc.................................................. 219,219
-----------
5,030,238
-----------
</TABLE>
See notes to financial statements.
24
<PAGE> 31
PERFORMANCE FUNDS TRUST
SMALL CAP FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- ------------------------------------------------------------------------------ -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
RAW MATERIALS -- 3.4%
4,000 Cambrex Corporation(b)........................................................ $ 181,500
15,000 Chemed Corporation............................................................ 586,875
2,000 Macdermid, Inc.(b)............................................................ 143,000
10,000 Mueller Industries, Inc(b).................................................... 465,625
11,000 Quaker Chemical Corporation(b)................................................ 206,938
-----------
1,583,938
-----------
RETAIL -- 7.6%
10,000 Cash America International.................................................... 125,000
25,000 Cato Corporation.............................................................. 231,250
18,000 CKE Restaurants, Inc.......................................................... 676,125
15,000 Dress Barn, Inc............................................................... 386,250
20,000 Foodmanker, Inc.(b)........................................................... 310,000
15,000 Landry's Seafood Restaurants, Inc.(b)......................................... 421,875
15,000 Men's Wearhouse(b)............................................................ 526,875
22,000 Ross Stores, Inc.(b).......................................................... 858,000
-----------
3,535,375
-----------
SHELTER -- 2.7%
16,000 Continental Home Builders Corporation(b)...................................... 521,000
7,500 Ethan Allen Interiors, Inc.................................................... 288,750
9,000 Oakwood Homes Corporation(b).................................................. 270,000
8,000 Ryland Group Incorporated(b).................................................. 174,500
-----------
1,254,250
-----------
TECHNOLOGY -- 14.6%
5,000 Alliant Techsystems, Inc.(b).................................................. 297,188
25,000 BE Aerospace, Inc............................................................. 790,625
20,000 Benchmark Electronics, Inc.................................................... 562,500
15,000 Boston Technology, Inc.(b).................................................... 322,500
30,000 Digital Microwave(b).......................................................... 472,500
30,000 Kemet Corporation(b).......................................................... 708,750
20,000 Kulicke & Soffa Industries(b)................................................. 551,250
30,000 Microage, Inc.(b)............................................................. 603,750
20,000 Novellus Systems.............................................................. 752,500
25,000 Plexus Corporation............................................................ 665,625
4,000 Progress Software Corporation(b).............................................. 82,500
20,000 Tech Data Corporation(b)...................................................... 807,499
4,000 Watkins-Johnson Company....................................................... 125,000
-----------
6,742,187
-----------
</TABLE>
See notes to financial statements.
25
<PAGE> 32
PERFORMANCE FUNDS TRUST
SMALL CAP FUND
Schedule of Portfolio Investments (continued)
November 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL VALUE
AMOUNT SECURITY DESCRIPTION (NOTE 2)
- ----------- ------------------------------------------------------------------------------ -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
TRANSPORTATION & SHIPPING -- 3.1%
25,000 Arkansas Best Corporation(b).................................................. $ 275,000
18,750 Comair Holdings, Inc.(b)...................................................... 414,844
12,500 M.S. Carriers, Inc.(b)........................................................ 301,563
15,000 U.S. Freightways Corporation(b)............................................... 461,249
-----------
1,452,656
-----------
UTILITIES -- 4.8%
9,000 Central Hudson Gas and Electric Corporation(b)................................ 346,500
11,000 Commonwealth Energy Systems Company(b)........................................ 314,188
5,400 Connecticut Energy Corporation(b)............................................. 139,725
15,000 Eastern Utilities Association(b).............................................. 360,000
9,000 Orange & Rockland Utilities................................................... 359,438
11,500 Piedmont Natural Gas Company, Inc.(b)......................................... 375,905
12,500 TNP Enterprises, Inc.......................................................... 343,750
-----------
2,239,506
-----------
TOTAL COMMON STOCKS (Cost $47,331,844)........................................ 44,529,051
-----------
MONEY MARKET MUTUAL FUNDS -- 4.1%
1,394,754 AIM Treasury Money Market..................................................... 1,394,754
500,000 Dreyfus Treasury Cash Management.............................................. 500,000
-----------
TOTAL MONEY MARKET MUTUAL FUNDS (Cost $1,894,754)............................. 1,894,754
-----------
TOTAL INVESTMENTS (Cost $49,226,597) (a) -- 100.0%............................ 46,423,805
Liabilities in excess of other assets 0.0%.................................... (18,281)
-----------
TOTAL NET ASSETS -- 100.0%.................................................... $46,405,524
===========
</TABLE>
- ---------------
(a) Represents aggregate cost for federal income tax purposes and is
substantially the same as the identified cost and differs from value by net
unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............................ $ 849,681
Unrealized depreciation............................ (3,652,474)
-----------
Net unrealized depreciation........................ $(2,802,792)
============
</TABLE>
(b) Non-income producing securities.
See notes to financial statements.
26
<PAGE> 33
PERFORMANCE FUNDS TRUST
Statements of Assets and Liabilities (unaudited)
November 30, 1997
<TABLE>
<CAPTION>
MONEY SHORT TERM INTERMEDIATE
MARKET GOVERNMENT TERM GOVERNMENT
FUND INCOME FUND INCOME FUND
------------ ------------ ---------------
<S> <C> <C> <C>
ASSETS:
Investments in securities at value (cost $411,137,844,
$120,987,706 and $111,173,471, respectively)......... $411,137,844 $121,546,350 $ 113,817,371
Repurchase agreements, at value (cost $28,595,000, $0
and $0, respectively)................................ 28,595,000 -- --
Cash................................................... -- -- 64,375
Dividends and interest receivable...................... 2,116,331 1,142,691 1,751,024
Receivable for fund shares sold........................ -- -- 25,000
Deferred organization costs............................ 8,987 -- --
Prepaid expenses and other assets...................... 43,737 6,233 8,152
------------ ------------ ------------
Total Assets....................................... 441,901,899 122,695,274 115,665,923
------------ ------------ ------------
LIABILITIES:
Dividends payable...................................... 1,932,413 562,487 557,993
Advisory fee payable................................... 54,786 41,942 42,466
Administrative services fee payable.................... 21,938 15,604 14,085
Distribution fee payable (Consumer Service Class)...... 33,155 -- --
Custodian fee payable.................................. -- 4,162 3,777
Other accrued expenses................................. -- 76,706 70,634
------------ ------------ ------------
Total Liabilities.................................. 2,042,292 700,901 688,955
------------ ------------ ------------
NET ASSETS...................................... $439,859,607 $121,994,373 $ 114,976,967
============ ============ ============
NET ASSETS:
Shares of beneficial interest outstanding (par value of
$0.001 per share) unlimited number of shares
authorized........................................... $ 439,861 $ 12,422 $ 11,074
Additional paid-in capital............................. 439,430,446 124,512,842 116,894,396
Accumulated undistributed net investment income........ -- -- 26,282
Accumulated undistributed realized loss on
investments.......................................... (10,700) (3,089,535) (4,598,685)
Net unrealized appreciation from investments........... -- 558,644 2,643,900
------------ ------------ ------------
NET ASSETS...................................... $439,859,607 $121,994,373 $ 114,976,967
============ ============ ============
SHARES OF BENEFICIAL INTEREST:
INSTITUTIONAL CLASS:
Net Assets........................................... $316,966,591 $120,577,209 $ 113,380,669
Shares of beneficial interest outstanding............ 316,965,603 12,277,429 11,073,923
============ ============ ============
Net Asset Value, maximum offering and redemption
price per share.................................... $1.00 $9.82 $10.24
===== ===== =======
CONSUMER SERVICE CLASS:
Net Assets........................................... $122,893,016 $ 1,417,164 $ 1,596,298
Shares of beneficial interest outstanding............ 122,894,973 144,270 155,990
============ ============ ============
Net Asset Value and redemption price per share....... $1.00 $9.82 $10.23
===== ===== =======
</TABLE>
See notes to financial statements.
27
<PAGE> 34
PERFORMANCE FUNDS TRUST
Statements of Assets and Liabilities (continued)
November 30, 1997
(unaudited)
<TABLE>
<CAPTION>
LARGE CAP MID CAP SMALL CAP
EQUITY FUND GROWTH FUND FUND
------------ ------------ -----------
<S> <C> <C> <C>
ASSETS:
Investments in securities at value (cost $148,906,155,
$106,448,261 and $49,226,597, respectively)............. $258,624,838 $159,756,285 $46,423,805
Dividends and interest receivable......................... 519,085 173,164 40,137
Receivable for fund shares sold........................... 32,651 42,124 --
Deferred organization costs............................... -- 12,215 --
Prepaid expenses and other assets......................... 32,619 12,384 --
------------ ------------ -----------
Total Assets.......................................... 259,209,193 159,996,172 46,463,942
------------ ------------ -----------
LIABILITIES:
Dividends payable......................................... 265,519 61,101 --
Payable for fund shares redeemed.......................... 17,883 7,905 --
Advisory fee payable...................................... 127,041 99,859 34,754
Administrative services fee payable....................... 31,766 20,050 5,213
Distribution fee payable (Consumer Service Class)......... 4,757 -- 89
Custodian fee payable..................................... 8,473 5,351 1,390
Other accrued expenses.................................... -- 13,390 16,972
------------ ------------ -----------
Total Liabilities..................................... 455,439 207,656 58,418
------------ ------------ -----------
NET ASSETS......................................... $258,753,754 $159,788,516 $46,405,524
============ ============ ===========
NET ASSETS:
Shares of beneficial interest outstanding (par value of
$0.001 per share) unlimited number of shares
authorized.............................................. $ 11,860 $ 8,200 $ 4,996
Additional paid-in capital................................ 133,783,722 97,739,844 49,207,487
Accumulated undistributed (distributions in excess of) net
investment income....................................... (15,439) 6,609 (6,660)
Accumulated undistributed realized gain on investments.... 15,254,928 8,725,839 2,493
Net unrealized appreciation (depreciation) from
investments............................................. 109,718,683 53,308,024 (2,802,792)
------------ ------------ -----------
Net assets applicable to shares outstanding................. $258,753,754 $159,788,516 $46,405,524
============ ============ ===========
SHARES OF BENEFICIAL INTEREST:\
INSTITUTIONAL CLASS:
Net Assets.............................................. $231,406,385 $148,113,816 $45,933,926
Shares of beneficial interest outstanding............... 10,606,415 7,600,593 4,995,774
========== ========= =========
Net Asset Value, maximum offering and redemption price
per share............................................. $21.82 $19.49 $9.19
====== ====== =====
CONSUMER SERVICE CLASS:
Net Assets.............................................. $ 27,347,369 $ 11,674,700 $ 471,598
Shares of beneficial interest outstanding............... 1,253,567 599,150 51,373
========= ======= ======
Net Asset Value and redemption price per share.......... $21.82 $19.49 $9.18
====== ====== =====
</TABLE>
See notes to financial statements.
28
<PAGE> 35
PERFORMANCE FUNDS TRUST
Statements of Operations (unaudited)
For the six months ended November 30, 1997
<TABLE>
<CAPTION>
MONEY SHORT TERM INTERMEDIATE
MARKET GOVERNMENT TERM GOVERNMENT
FUND INCOME FUND INCOME FUND
----------- ----------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest............................................... $12,111,175 $3,854,158 $ 3,547,462
Dividends.............................................. 33,362 37,009 40,845
---------- ---------- ----------
Total Investment Income................................ 12,144,537 3,891,167 3,588,307
---------- ---------- ----------
EXPENSES:
Advisory fees.......................................... 647,069 248,895 271,088
Administrative services................................ 323,697 93,336 81,327
Distribution fees (Consumer Service Class)............. 136,709 1,476 1,721
Custodian fees......................................... 86,276 24,890 21,687
Audit & legal fees..................................... 38,644 8,735 15,518
Fund accounting........................................ 15,092 15,052 20,006
Transfer agent fees.................................... 8,930 3,843 11,941
Organization expenses.................................. 5,149 -- --
Trustees' fees and expenses............................ 3,104 1,394 4,376
Other expenses......................................... 28,632 6,893 13,739
---------- ---------- ----------
Total Expenses....................................... 1,293,302 404,514 441,403
Less: Expenses waived by advisor and administrator... (517,658) -- (27,110)
---------- ---------- ----------
Total Net Expenses................................... 775,644 404,514 414,293
---------- ---------- ----------
NET INVESTMENT INCOME.................................. 11,368,893 3,486,653 3,174,014
---------- ---------- ----------
NET REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) from investment
transactions......................................... (7,314) 322,987 67,032
Change in unrealized appreciation (depreciation) on
investments.......................................... -- 624,457 3,256,456
---------- ---------- ----------
Net realized/unrealized gains (losses) from
investments.......................................... (7,314) 947,444 3,323,488
---------- ---------- ----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS............................................. $11,361,579 $4,434,097 $ 6,497,502
========== ========== ==========
</TABLE>
See notes to financial statements.
29
<PAGE> 36
PERFORMANCE FUNDS TRUST
Statements of Operations (continued)
For the Six Months Ended November 30, 1997
(unaudited)
<TABLE>
<CAPTION>
LARGE CAP MID CAP
EQUITY GROWTH SMALL CAP
FUND FUND FUND(a)
----------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest............................................... $ 330,613 $ 173,365 $ --
Dividends (net of foreign withholding tax of $31,376,
$0 and $0, respectively)............................. 2,165,239 942,326 69,076
---------- ---------- ----------
Total Investment Income................................ 2,495,852 1,115,691 69,076
---------- ---------- ----------
EXPENSES:
Advisory fees.......................................... 821,713 569,197 46,728
Administrative services................................ 205,428 113,840 7,009
Distribution fees (Consumer Service Class)............. 29,973 11,139 124
Custodian fees......................................... 54,781 30,357 1,869
Audit & legal fees..................................... 22,458 13,344 3,782
Fund accounting........................................ 18,293 18,527 5,551
Transfer agent fees.................................... 17,638 5,944 2,989
Organization expenses.................................. -- 4,741 --
Trustees' fees and expenses............................ 2,857 2,804 549
Other expenses......................................... 32,905 9,216 6,955
---------- ---------- ----------
Total Expenses....................................... 1,206,046 779,109 75,556
Less: Expenses waived by advisor and administrator... -- -- --
---------- ---------- ----------
Total Net Expenses................................... 1,206,046 779,109 75,556
---------- ---------- ----------
NET INVESTMENT INCOME/(LOSS)........................... 1,289,806 336,582 (6,480)
---------- ---------- ----------
NET REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) from investment
transactions......................................... 14,100,416 8,243,738 2,493
Change in unrealized appreciation (depreciation) on
investments.......................................... 20,566,365 13,737,108 (2,802,792)
---------- ---------- ----------
Net realized/unrealized gains (losses) from
investments.......................................... 34,666,781 21,980,846 (2,800,299)
---------- ---------- ----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS............................................. $35,956,587 $22,317,428 $(2,806,779)
========== ========== ==========
</TABLE>
- ---------------
(a) Period from October 1, 1997 (inception date of fund) to November 30, 1997.
See notes to financial statements.
30
<PAGE> 37
PERFORMANCE FUNDS TRUST
Statements of Changes in Net Assets (unaudited)
<TABLE>
<CAPTION>
SHORT TERM GOVERNMENT INTERMEDIATE TERM GOVERNMENT
MONEY MARKET FUND INCOME FUND INCOME FUND
--------------------------------- -------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, MAY 31, NOVEMBER 30, MAY 31, NOVEMBER 30, MAY 31,
1997 1997 1997 1997 1997 1997
---------------- ------------- ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment
income.............. $ 11,368,893 $ 21,840,078 $ 3,486,653 $ 6,631,180 $ 3,174,014 $ 5,292,333
Net realized gains
(losses) from
investment
transactions........ (7,314) 10,495 322,987 (695,641) 67,032 (114,007)
Net change in
unrealized
appreciation
(depreciation) from
investments......... -- -- 624,457 471,301 3,256,456 1,010,690
------------ ------------ ------------ ------------ ----------- ------------
Net increase
(decrease) in net
assets resulting
from operations..... 11,361,579 21,850,573 4,434,097 6,406,840 6,497,502 6,189,016
------------ ------------ ------------ ------------ ----------- ------------
Distributions to
shareholders from:
Net investment income
Institutional
class............. (8,588,494) (18,776,904) (3,455,009) (6,564,119) (3,135,403) (5,059,433)
Consumer service
class............. (2,780,399) (3,063,174) (31,644) (67,062) (38,611) (101,543)
------------ ------------ ------------ ------------ ----------- ------------
(11,368,893) (21,840,078) (3,486,653) (6,631,181) (3,174,014) (5,160,976)
Distributions in excess
of
Net investment income
Institutional
class............. -- -- -- -- (103,736) --
Consumer service
class............. -- -- -- -- (1,338) --
------------ ------------ ------------ ------------ ----------- ------------
-- -- -- -- (105,074) --
Realized capital gains
Institutional
class............. -- (13,881) -- -- -- --
------------ ------------ ------------ ------------ ----------- ------------
Total distributions to
shareholders........ (11,368,893) (21,853,959) (3,486,653) (6,631,181) (3,279,088) (5,160,976)
------------ ------------ ------------ ------------ ----------- ------------
Transactions in shares
of beneficial interest
Proceeds from sales of
shares:
Institutional
class............. 250,677,894 673,536,254 7,023,613 39,147,025 25,498,940 30,358,536
Consumer service
class............. 86,100,016 200,861,942 582,962 403,772 590,688 125,232
------------ ------------ ------------ ------------ ----------- ------------
336,777,910 874,398,196 7,606,575 39,550,797 26,089,628 30,483,768
------------ ------------ ------------ ------------ ----------- ------------
Net asset value of
shares issued to
shareholders in
reinvestment of
distributions:
Institutional
class........... 30,142 50,627 2,569,410 4,778,814 2,259,594 3,306,749
Consumer service
class........... 2,645,731 2,257,747 23,845 61,335 32,454 87,190
------------ ------------ ------------ ------------ ----------- ------------
2,675,873 2,308,374 2,593,255 4,840,149 2,292,048 3,393,939
------------ ------------ ------------ ------------ ----------- ------------
Cost of shares
redeemed:
Institutional
class............. (254,474,540) (719,812,199) (23,892,369) (23,892,369) (11,798,707) (18,107,860)
Consumer service
class............. (58,071,136) (136,114,374) (403,032) (736,148) (531,773) (941,349)
------------ ------------ ------------ ------------ ----------- ------------
(312,545,676) (855,926,573) (16,785,051) (24,628,517) (12,330,480) (19,049,209)
------------ ------------ ------------ ------------ ----------- ------------
Net increase
(decrease) in net
assets derived from
transactions in
shares of beneficial
interest.......... 26,908,107 20,779,997 (6,585,221) 19,762,429 16,051,196 14,828,498
------------ ------------ ------------ ------------ ----------- ------------
Total increase
(decrease) in net
assets................ 26,900,793 20,776,611 (5,637,777) 19,538,088 19,269,610 15,856,538
NET ASSETS
Beginning of period... 412,958,814 392,182,203 127,632,150 108,094,062 95,707,357 79,850,819
------------ ------------ ------------ ------------ ----------- ------------
End of period......... $ 439,859,607 $ 412,958,814 $121,994,373 $127,632,150 $114,976,967 $ 95,707,357
============ ============ ============ ============ =========== ============
</TABLE>
See notes to financial statements.
31
<PAGE> 38
PERFORMANCE FUNDS TRUST
Statements of Changes in Net Assets (continued)
(unaudited)
<TABLE>
<CAPTION>
LARGE CAP EQUITY FUND MID CAP GROWTH FUND SMALL CAP FUND
--------------------------------- -------------------------------- ----------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED PERIOD ENDED
NOVEMBER 30, MAY 31, NOVEMBER 30, MAY 31, NOVEMBER, 30,
1997 1997 1997 1997 1997(a)
---------------- ------------- ---------------- ------------ ----------------
<S> <C> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss).......... $ 1,289,806 $ 2,798,324 $ 336,582 $ 893,163 $ (6,480)
Net realized gains (losses) from
investment transactions............. 14,100,416 1,164,271 8,243,738 1,922,390 2,493
Net change in unrealized appreciation
(depreciation) from investments..... 20,566,365 48,227,378 13,737,108 19,938,182 (2,802,792)
------------ ------------ ------------ ------------ -----------
Net increase (decrease) in net assets
resulting from operations........... 35,956,587 52,189,973 22,317,428 22,798,735 (2,806,779)
------------ ------------ ------------ ------------ -----------
Distributions to shareholders from:
Net investment income:
Institutional class................. (1,202,646) (2,692,406) (325,679) (870,028) (180)
Consumer service class.............. (87,160) (173,421) (9,519) (17,854) --
------------ ------------ ------------ ------------ -----------
(1,289,806) (2,865,827) (335,198) (887,882) (180)
Distributions in excess of
Net investment income
Institutional class................. (5,484) -- -- -- --
Consumer service class.............. (2,767) -- (1,541) -- --
------------ ------------ ------------ ------------ -----------
(8,251) -- (1,541) -- --
Realized capital gains
Institutional class................. -- (2,663,128) -- (2,164,608) --
Consumer service class.............. -- (201,637) -- (50,169) --
------------ ------------ ------------ ------------ -----------
-- (2,864,765) -- (2,214,777) --
------------ ------------ ------------ ------------ -----------
Total distributions to shareholders... (1,298,057) (5,730,592) (336,739) (3,102,659) (180)
------------ ------------ ------------ ------------ -----------
Transactions in shares of beneficial
interest
Proceeds from sales of shares:
Institutional class................. 20,917,737 71,830,680 15,585,980 36,918,030 48,785,366
Consumer service class.............. 6,848,804 8,069,305 5,714,857 4,080,489 500,672
------------ ------------ ------------ ------------ -----------
27,766,541 79,899,985 21,300,837 40,998,519 49,286,038
------------ ------------ ------------ ------------ -----------
Net asset value of shares issued to
shareholders in
reinvestment of distributions:
Institutional class................. 1,115,846 4,115,005 327,909 2,591,733 163
Consumer service class.............. 100,877 358,638 12,729 64,970 --
------------ ------------ ------------ ------------ -----------
1,216,723 4,473,643 340,638 2,656,703 163
------------ ------------ ------------ ------------ -----------
Cost of shares redeemed:
Institutional class................. (55,812,154) (25,533,693) (13,674,001) (14,267,383) (73,336)
Consumer service class.............. (2,060,677) (2,289,707) (1,101,878) (283,162) (382)
------------ ------------ ------------ ------------ -----------
(57,872,831) (27,823,400) (14,775,879) (14,550,545) (73,718)
Net increase (decrease) in net assets
derived from transactions in shares
of beneficial interest.............. (28,889,567) 56,550,228 6,865,596 29,104,677 49,212,483
------------ ------------ ------------ ------------ -----------
Total increase in net assets........... 5,768,963 103,009,609 28,846,285 48,800,753 46,405,524
NET ASSETS
Beginning of period................... 252,984,791 149,975,182 130,942,231 82,141,478 --
------------ ------------ ------------ ------------ -----------
End of period......................... $ 258,753,754 $ 252,984,791 $159,788,516 $130,942,231 $ 46,405,524
============ ============ ============ ============ ===========
</TABLE>
- ---------------
(a) Period from October 1, 1997 (inception date of fund) to November 30, 1997.
See notes to financial statements.
32
<PAGE> 39
PERFORMANCE FUNDS TRUST
Notes to Financial Statements -- November 30, 1997 (unaudited)
1. Organization. Performance Funds Trust (the "Trust") is registered
under the Investment Company Act of 1940, as amended (the "1940 Act"), as an
open-end management investment company. The Trust was organized as a Delaware
business trust on March 11, 1992 and currently consists of seven separate
portfolios: Money Market Fund, Short Term Government Income Fund, Intermediate
Term Government Income Fund, Large Cap Equity Fund (formerly, the Equity Fund),
Mid Cap Growth Fund, Small Cap Fund (commenced operation on October 1, 1997),
and U.S. Treasury Money Market Fund (collectively, the "Funds"), each with two
(2) classes of shares, the Institutional Class (offered only to certain
institutional investors) and the Consumer Service Class. Each class of shares
outstanding bears the same voting, dividend, liquidation and other rights and
conditions, except that the Consumer Service Class shares bear the expenses
incurred in the distribution and marketing of such shares. Currently, six of the
portfolios are active and one, U.S. Treasury Money Market Fund, has not
commenced operations.
The Funds' investment objectives are as follows:
Money Market Fund -- as high a level of current income as is consistent
with preservation of capital and liquidity.
Short Term Government Income Fund -- as high a level of current income
as is consistent with limiting the risk of potential loss.
Intermediate Term Government Income Fund -- a high level of current
income, with a secondary objective of total return.
Large Cap Equity Fund -- long-term capital appreciation.
Mid Cap Growth Fund -- long-term capital appreciation.
Small Cap Fund -- long-term capital appreciation.
2. Significant Accounting Policies. The preparation of financial
statements in accordance with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. The following is a summary of
significant accounting policies consistently followed by the Funds in the
preparation of its financial statements:
Security Valuation. Securities listed on an exchange or on the NASDAQ
National Market System are valued on the basis of the last sale prior to
the time the valuation is made in the markets in which such securities are
primarily traded. If there has been no sale since the immediately previous
valuation, then the current bid price is used. Securities for which the
primary market is over-the-counter are valued on the basis of the bid price
at the close of business on each business day. Securities for which market
quotations are not readily available are valued at fair value as determined
in good faith by or at the direction of the Board of Trustees. Bonds and
other fixed-income securities are valued by using market quotations and may
be valued on the basis of prices provided by a pricing service approved by
the Board of Trustees. Short term securities that mature in 60 days or less
are valued at amortized cost, if their term to maturity at purchase was 60
days or less, or by amortizing their value on the 61st day prior to
maturity, if their term to maturity at purchase exceeded 60 days. Money
Market Fund values investments at amortized cost, which approximates market
value in accordance with Rule 2a-7 under the Investment Company Act of
1940, as amended.
Security Transactions and Income. Security transactions are recorded
on the trade date. Identified cost of investments sold is used to calculate
gain and loss on sales for both financial statement and Federal income tax
purposes. Interest income, including the amortization of discount or
premium, is recorded as earned. Dividends are recorded on the ex-dividend
date.
33
<PAGE> 40
PERFORMANCE FUNDS TRUST
Notes to Financial Statements (continued) -- November 30, 1997 (unaudited)
Repurchase Agreements. The Funds may enter into repurchase agreements
with government securities dealers recognized by the Federal Reserve Board,
with member Banks of the Federal Reserve System or with such other brokers
or dealers that meet the credit guidelines established by the Board of
Trustees. It is the Funds' policy to receive and maintain securities as
collateral whose market value, including accrued interest, will be at least
100% of the dollar amount invested by that Fund in each agreement, and that
Fund will make payment for such securities only upon physical delivery or
upon evidence of book entry transfer to the account of the custodian. To
the extent that any repurchase transaction exceeds one business day, it is
the Funds' policy that the value of the collateral is marked to market on a
daily basis to ensure the adequacy of the collateral. If the seller
defaults and the value of the collateral declines, or if bankruptcy
proceedings are commenced with respect to the seller of the security,
realization of the collateral by the Fund may be delayed or limited.
Determination of Net Asset Value and Calculation of
Expenses. Expenses directly attributable to a Fund are charged to that
Fund. Other expenses of the Trust are allocated proportionately among the
Funds within the Trust in relation to the net assets of each Fund or on
another reasonable basis. In calculating net asset value per share of each
class, investment income, realized and unrealized gains and losses and
expenses other than class specific expenses are allocated daily to each
class of shares based upon the proportion of net assets attributable to
each class at the beginning of each day. Distribution expenses are solely
borne by and charged to the Consumer Service Class shares of each Fund
based on net assets of that class.
Federal Taxes. It is the Funds' policy to qualify as "regulated
investment companies" under Subchapter M of the Internal Revenue Code of
1986, as amended. By so qualifying, the Funds will not be subject to
Federal income taxes to the extent that they distribute all taxable income
earned during their fiscal year. The Funds also intend to meet the
distribution requirements to avoid the payment of an excise tax.
Accordingly, no provision for income or excise tax is required.
Distributions to Shareholders. Money Market, Short Term Government
Income and Intermediate Term Government Income Funds declare dividends of
substantially all of their net investment income daily and pay those
dividends monthly. The Equity and Mid Cap Growth Funds declare and pay as a
dividend substantially all of their net investment income each month. Each
Fund will distribute, at least annually, substantially all net capital
gains, if any, earned by such Fund. The Funds record all dividends and
distributions on the ex-dividend date.
The amount of dividends and distributions are determined in accordance
with Federal income tax regulations which may differ from generally
accepted accounting principles. These "book/tax" differences are either
considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amounts are reclassified within
the capital accounts based on their Federal tax basis treatment; temporary
differences do not require reclassification. Dividends and distributions
which exceed net investment income and net realized capital gains for
financial reporting purposes but not for tax purposes are reported as
dividends in excess of net investment income or distributions in excess of
net realized capital gains.
Organization Expenses. Costs incurred in connection with the
organization and initial registration of each Fund have been deferred and
are being amortized over a sixty month period beginning with each Fund's
commencement of operations.
3. Adviser. The Funds have entered into an Advisory Contract with
Trustmark National Bank ("Trustmark"). Under the Advisory Contract, Trustmark is
responsible for managing the investments of the Funds and for continually
reviewing, supervising and administering the Funds' investments. For the
advisory services it provides to the Funds, Trustmark is entitled to receive
monthly fees, based on average daily net assets, up to the following annual
rates: Money Market Fund, 0.30%; Short Term Government Income Fund, 0.40%;
Intermediate Term
34
<PAGE> 41
PERFORMANCE FUNDS TRUST
Notes to Financial Statements (continued) -- November 30, 1997 (unaudited)
Government Income Fund, 0.50%; Large Cap Equity Fund, 0.60%; Mid Cap Growth
Fund, 0.75%; and Small Cap Fund, 1.00%.
For the period ended November 30, 1997, Trustmark waived advisory fees as
listed below:
<TABLE>
<CAPTION>
TRUSTMARK TRUSTMARK
ENTITLED WAIVED
--------- ---------
<S> <C> <C>
Money Market Fund................................................ $ 647,069 $ 323,534
Short Term Government Income Fund................................ 248,895 --
Intermediate Term Government Income Fund......................... 271,088 27,110
Large Cap Equity Fund............................................ 821,713 --
Mid Cap Growth Fund.............................................. 569,197 --
Small Cap Fund................................................... 46,728 --
</TABLE>
4. Administrator. The Funds have entered into an Administrative Services
Contract with BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services
("BISYS"). Under the contract, BISYS provides management and administrative
services necessary for the operation of the Funds. For these administrative
services, BISYS is entitled to a fee computed daily and paid monthly, at an
annual rate of 0.15% of the average daily net assets of each Fund.
For the period ended November 30, 1997, BISYS was entitled to and waived
administrative services fees as listed below:
<TABLE>
<CAPTION>
BISYS BISYS
ENTITLED WAIVED
--------- ---------
<S> <C> <C>
Money Market Fund................................................ $ 323,534 $ 194,124
Short Term Government Income Fund................................ 93,336... --
Intermediate Term Government Income Fund......................... 81,327... --
Large Cap Equity Fund............................................ 205,428 --
Mid Cap Growth Fund.............................................. 113,840 --
Small Cap Fund................................................... 7,009 --
</TABLE>
BISYS, with whom certain officers and trustees of the Funds are affiliated,
serves the Funds as Administrator. Such officers and trustees are paid no fees
directly by the Funds for serving as officers and trustees of the Funds.
Under a Distribution Plan adopted by the Funds under Rule 12b-1 of the 1940
Act, each Fund may, with respect to its Consumer Service Class, pay fees to
Performance Funds Distributor, Inc. (the "Distributor"), a subsidiary of BISYS,
up to an annual rate of 0.35% of the average daily net assets attributable to
such shares for costs and expenses of the Distributor in connection with the
distribution of Fund shares of the Consumer Service Class. No such fees will be
paid by the Institutional Class. For the period ended November 30, 1997, the
fees incurred amounted to 0.25% per annum of the average daily net assets of
each Fund's Consumer Service Class. BISYS received distribution fees as listed
below:
<TABLE>
<S> <C>
Money Market Fund................................. $136,709
Short Term Government Income Fund................. 1,476
Intermediate Term Government Income Fund.......... 1,721
Large Cap Equity Fund............................. 29,973
Mid Cap Growth Fund............................... 11,139
Small Cap Fund.................................... 124
</TABLE>
35
<PAGE> 42
PERFORMANCE FUNDS TRUST
Notes to Financial Statements (continued) -- November 30, 1997 (unaudited)
5. Other Transactions with Affiliates. Pursuant to a Fund Accounting
Agreement between the Trust and BISYS, for calculating net asset values and
providing certain other accounting services for each Fund, BISYS is paid an
annual fee of $30,000 plus out-of-pocket expenses, from each Fund.
The Funds retain BISYS as transfer agent. BISYS provides personnel
necessary to perform shareholder servicing functions. Pursuant to a Transfer
Agency Agreement, BISYS receives a fee of $15.00 per account, per year, and
reimbursement for certain expenses.
For the period ended November 30, 1997, BISYS earned transfer agent and
fund accounting fees as shown in the statement of operations.
Pursuant to a Custodian Agreement between the Trust and Trustmark National
Bank, Trustmark is the Custodian of the Funds' cash and securities. For these
services, Trustmark is paid a monthly fee at the annual rate of 0.04% of the
average daily net assets of each Fund, plus certain transaction charges. For the
period ended November 30, 1997, Trustmark earned the custody fees shown in the
statement of operations.
6. Security Purchases and Sales. The cost of securities purchased and
proceeds from securities sold (excluding short term securities) for the period
ended November 30, 1997 were as follows:
<TABLE>
<CAPTION>
PROCEEDS
COST OF FROM
SECURITIES SECURITIES
PURCHASED SOLD
----------- -----------
<S> <C> <C>
Short Term Government Income Fund......................... $36,611,192 $36,077,347
Intermediate Term Government Income Fund.................. 41,919,942 25,349,266
Large Cap Equity Fund..................................... 9,772,566 30,218,187
Mid Cap Growth Fund....................................... 23,657,342 18,902,297
Small Cap Fund............................................ 47,368,012 38,661
</TABLE>
7. Capital Share Transactions. The Trust is authorized to issue an
unlimited number of shares of beneficial interest with a par value of $0.001
each. Transactions in shares of the Funds were as follows:
<TABLE>
<CAPTION>
SHORT TERM GOVERNMENT INCOME
MONEY MARKET FUND FUND
------------------------------- -----------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, MAY 31, NOVEMBER 30, MAY 31,
1997 1997 1997 1997
---------------- ------------ ---------------- ----------
<S> <C> <C> <C> <C>
INSTITUTIONAL CLASS
Shares sold........................................... 250,677,895 673,527,201 717,543 3,998,186
Shares issued in reinvestment of distributions........ 30,142 50,629 262,115 489,110
---------------- ------------ ---------------- ----------
250,708,037 673,577,830 979,638 4,487,296
Shares redeemed....................................... (254,474,529) (719,812,099) (1,672,543) (2,452,500)
---------------- ------------ ---------------- ----------
Net increase (decrease) in shares..................... (3,766,492) (46,234,269) (692,885) 2,034,796
=============== =========== =============== ==========
CONSUMER SERVICE CLASS
Shares sold........................................... 86,100,017 200,861,148 59,414 41,252
Shares issued in reinvestment of distributions........ 2,645,731 2,257,748 2,432 6,276
---------------- ------------ ---------------- ----------
88,745,748 203,118,895 61,846 47,528
Shares redeemed....................................... (58,071,136) (136,114,373) (41,126) (75,497)
---------------- ------------ ---------------- ----------
Net increase (decrease) in shares..................... 30,674,612 67,004,522 20,720 (27,969)
=============== =========== =============== ==========
</TABLE>
36
<PAGE> 43
PERFORMANCE FUNDS TRUST
Notes to Financial Statements (continued) -- November 30, 1997 (unaudited)
<TABLE>
<CAPTION>
INTERMEDIATE TERM
GOVERNMENT INCOME FUND LARGE CAP EQUITY FUND
------------------------------- -----------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, MAY 31, NOVEMBER 30, MAY 31,
1997 1997 1997 1997
---------------- ------------ ---------------- ----------
<S> <C> <C> <C> <C>
INSTITUTIONAL CLASS
Shares sold........................................... 2,534,100 3,071,378 995,300 4,341,229
Shares issued in reinvestment of distributions........ 223,921 333,451 55,106 249,397
---------------- ------------ ---------------- ----------
2,758,021 3,404,829 1,050,406 4,590,626
Shares redeemed....................................... (1,172,927) (1,826,500) (2,628,699) (1,568,739)
---------------- ------------ ---------------- ----------
Net increase (decrease) in shares..................... 1,585,094 1,578,329 (1,578,293) 3,021,887
=============== =========== =============== ==========
CONSUMER SERVICE CLASS
Shares sold........................................... 58,126 12,702 326,772 492,606
Shares issued in reinvestment of distributions........ 3,222 8,790 4,990 21,683
---------------- ------------ ---------------- ----------
61,348 21,492 331,762 514,289
Shares redeemed....................................... (52,936) (95,285) (97,497) (134,774)
---------------- ------------ ---------------- ----------
Net increase (decrease) in shares..................... 8,412 (73,793) 234,265 376,515
=============== =========== =============== ==========
</TABLE>
<TABLE>
<CAPTION>
MID CAP GROWTH FUND SMALL CAP FUND
------------------------------- ----------------
SIX MONTHS ENDED YEAR ENDED PERIOD ENDED
NOVEMBER 30, MAY 31, NOVEMBER 30,
1997 1997 1997(a)
---------------- ------------ ----------------
<S> <C> <C> <C> <C>
INSTITUTIONAL CLASS
Shares sold........................................... 817,824 2,558,236 5,003,512
Shares issued in reinvestment of distributions........ 18,253 175,821 17
---------------- ------------ ----------------
836,077 2,734,059 5,003,529
Shares redeemed....................................... (716,592) (997,066) (7,755)
---------------- ------------ ----------------
Net increase (decrease) in shares..................... 119,485 1,736,991 4,995,774
=============== =========== ===============
CONSUMER SERVICE CLASS
Shares sold........................................... 302,575 266,169 51,413
Shares issued in reinvestment of distributions........ 715 4,397 --
---------------- ------------ ----------------
303,290 270,564 51,413
Shares redeemed....................................... (57,717) (19,298) (40)
---------------- ------------ ----------------
Net increase (decrease) in shares..................... 245,573 251,268 51,373
=============== =========== ===============
</TABLE>
- ---------------
(a) Period from October 1, 1997 (inception date of fund) to November 30, 1997.
8. Concentration of Credit Risk. In the pursuit of its minimum credit
risk policy, the Money Market Fund maintains a diversified portfolio of money
market instruments, each of which matures in 397 days or less and is rated in
the highest rating category of at least two nationally recognized statistical
rating organizations, or, if not rated, is judged by the Board of Trustees to be
of comparable quality. The ability of the issuer of the instruments to meet its
obligations may be affected by economic developments in a specific industry or
region.
At November 30, 1997, the Money Market Fund had the following industry
concentrations in excess of 10% of its net assets: Banking --13.40%.
37
<PAGE> 44
PERFORMANCE FUNDS TRUST
MONEY MARKET FUND
Financial Highlights
For a share of beneficial interest outstanding throughout each period
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR
NOVEMBER 30, ENDED ENDED ENDED ENDED
1997 MAY 31, MAY 31, MAY 31, MAY 31,
INSTITUTIONAL CLASS (UNAUDITED) 1997 1996 1995 1994*
------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $1.00 $1.00 $1.00 $1.00 $1.00
------ ---- ---- ---- ----
Income from Investment Operations:
Net investment income..................................... 0.03 0.05 0.05 0.05 0.02
------ ---- ---- ---- ----
Less Distributions:
Dividends from net investment income...................... (0.03) (0.05) (0.05) (0.05) (0.02)
------ ---- ---- ---- ----
Net Asset Value, End of Period.............................. $1.00 $1.00 $1.00 $1.00 $1.00
====== ==== ==== ==== ====
Total return................................................ 2.70% 5.34% 5.60% 5.27% 2.17%
Ratios/Supplementary Data:
Net Assets, End of Period (in thousands).................. $316,966 $320,732 $366,966 $324,942 $139,157
Ratios of expenses to average net assets.................. 0.30%** 0.25% 0.24% 0.23% 0.15%**
Effect of waivers/reimbursements on expense ratios........ 0.24%** 0.26% 0.30% 0.36% 0.53%**
Ratios of net investment income to average net assets..... 5.33%** 5.20% 5.42% 5.27% 3.30%**
CONSUMER SERVICE CLASS
NET ASSET VALUE, BEGINNING OF PERIOD........................ $1.00 $1.00 $1.00 $1.00 $1.00
------ ---- ---- ---- ----
Income from Investment Operations:
Net investment income..................................... 0.03 0.04 0.05 0.05 0.02
------ ---- ---- ---- ----
Less Distributions:
Dividends from net investment income...................... (0.03) (0.04) (0.05) (0.05) (0.02)
------ ---- ---- ---- ----
Net Asset Value, End of Period.............................. $1.00 $1.00 $1.00 $1.00 $1.00
====== ==== ==== ==== ====
Total return................................................ 2.58% 5.07% 5.33% 5.02% 2.03%
Ratios/Supplementary Data:
Net Assets, End of Period (in thousands).................. $122,894 $92,220 $25,216 $3,564 $797
Ratios of expenses to average net assets.................. 0.55%** 0.38% 0.49% 0.48% 0.40%**
Effect of waivers/reimbursements on expense ratios........ 0.24%** 0.10% 0.30% 0.36% 0.53%**
Ratios of net investment income to average net assets..... 5.08%** 5.23% 5.17% 5.02% 3.05%**
</TABLE>
* Fund commenced operations on September 30, 1993.
** Annualized.
See notes to financial statements.
38
<PAGE> 45
PERFORMANCE FUNDS TRUST
SHORT TERM GOVERNMENT INCOME FUND
Financial Highlights (continued)
For a share of beneficial interest outstanding throughout each period
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, ENDED ENDED ENDED ENDED ENDED
1997 MAY 31, MAY 31, MAY 31, MAY 31, MAY 31,
INSTITUTIONAL CLASS (UNAUDITED) 1997 1996 1995 1994 1993*
------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD................. $9.75 $9.75 $9.84 $9.77 $10.10 $10.00
------ ---- ---- ---- ----- -----
Income from Investment Operations:
Net investment income.............................. 0.28 0.55 0.54 0.53 0.40 0.44
Net gain (loss) on securities (both realized and
unrealized)...................................... 0.07 (0.01) (0.09) 0.07 (0.25) 0.22
------ ---- ---- ---- ----- -----
Total Income from Investment Operations.............. 0.35 0.54 0.45 0.60 0.15 0.66
------ ---- ---- ---- ----- -----
Less Distributions:
Dividends from net investment income............... (0.28) (0.54) (0.54) (0.53) (0.40) (0.44)
Distribution from net realized gains............... -- -- -- -- (0.05) (0.12)
Distributions in excess of net realized gains...... -- -- -- -- (0.03) --
------ ---- ---- ---- ----- -----
Total Distributions.................................. (0.28) (0.54) (0.54) (0.53) (0.48) (0.56)
------ ---- ---- ---- ----- -----
Net Asset Value, End of Period....................... $9.82 $9.75 $9.75 $9.84 $ 9.77 $10.10
====== ==== ==== ==== ===== =====
Total return (not reflecting sales load)............. 3.58% 5.70% 4.65% 6.37% 1.49% 6.74%
Ratios/Supplementary Data:
Net Assets, End of Period (in thousands)........... $120,577 $126,428 $106,617 $104,730 $111,657 $138,822
Ratios of expenses to average net assets........... 0.65%** 0.66% 0.71% 0.74% 0.69% 0.67%
Effect of waivers/reimbursements on expense
ratios........................................... 0.00%** 0.00% 0.01% 0.03% 0.05% 0.05%
Ratios of net investment income to average net
assets........................................... 5.61%** 5.63% 5.48% 5.43% 4.00% 4.32%
Portfolio turnover rate............................ 29.92% 86.21% 120.00% 267.65% 213.43% 216.52%
CONSUMER SERVICE CLASS
NET ASSET VALUE, BEGINNING OF PERIOD................. $9.75 $9.75 $9.84 $9.77 $10.10 $10.00
------ ---- ---- ---- ----- -----
Income from Investment Operations:
Net investment income.............................. 0.26 0.49 0.51 0.50 0.37 0.43
Net gain (loss) on securities (both realized and
unrealized)...................................... 0.07 -- (0.09) 0.07 (0.25) 0.22
------ ---- ---- ---- ----- -----
Total Income from Investment Operations.............. 0.33 0.49 0.42 0.57 0.12 0.65
------ ---- ---- ---- ----- -----
Less Distributions:
Dividends from net investment income............... (0.26) (0.49) (0.51) (0.50) (0.37) (0.43)
Distribution from net realized gains............... -- -- -- -- (0.05) (0.12)
Distributions in excess of net realized gains...... -- -- -- -- (0.03) --
------ ---- ---- ---- ----- -----
Total Distributions.................................. (0.26) (0.49) (0.51) (0.50) (0.45) (0.55)
------ ---- ---- ---- ----- -----
Net Asset Value, End of Period....................... $9.82 $9.75 $9.75 $9.84 $ 9.77 $10.10
====== ==== ==== ==== ===== =====
Total return (not reflecting sales load)............. 3.46% 5.44% 4.38% 6.12% 1.23% 6.67%
Ratios/Supplementary Data:
Net Assets, End of Period (in thousands)........... $1,417 $1,205 $1,477 $739 $654 $1,125
Ratios of expenses to average net assets........... 0.90%** 0.87% 0.95% 0.99% 0.94% 0.75%
Effect of waivers/reimbursements on expense
ratios........................................... 0.00%** 0.00% 0.01% 0.03% 0.05% 0.05%
Ratios of net investment income to average net
assets........................................... 5.36%** 5.01% 5.23% 5.18% 3.75% 4.24%
Portfolio turnover rate............................ 29.92% 86.21% 120.00% 267.65% 213.43% 216.52%
</TABLE>
* Fund commenced operations on June 1, 1992.
** Annualized.
See notes to financial statements.
39
<PAGE> 46
PERFORMANCE FUNDS TRUST
INTERMEDIATE TERM GOVERNMENT INCOME FUND
Financial Highlights (continued)
For a share of beneficial interest outstanding throughout each period
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, ENDED ENDED ENDED ENDED ENDED
1997 MAY 31, MAY 31, MAY 31, MAY 31, MAY 31,
INSTITUTIONAL CLASS (UNAUDITED) 1997 1996 1995 1994 1993*
------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD................. $ 9.93 $9.82 $10.11 $ 9.87 $10.56 $10.00
------- ---- ----- ----- ----- -----
Income from Investment Operations:
Net investment income.............................. 0.30 0.60 0.56 0.62 0.58 0.62
Net gain (loss) on securities (both realized and
unrealized)...................................... 0.32 0.09 (0.29) 0.25 (0.52) 0.61
------- ---- ----- ----- ----- -----
Total Income from Investment Operations.............. 0.62 0.69 0.27 0.87 0.06 1.23
------- ---- ----- ----- ----- -----
Less Distributions:
Dividends from net investment income............... (0.31) (0.58) (0.56) (0.62) (0.58) (0.62)
Distribution from net realized gains............... -- -- -- -- (0.11) (0.05)
Distributions in excess of net realized gains...... -- -- -- (0.01) (0.06) --
------- ---- ----- ----- ----- -----
Total Distributions.................................. (0.31) (0.58) (0.56) (0.63) (0.75) (0.67)
------- ---- ----- ----- ----- -----
Net Asset Value, End of Period....................... $10.24 $9.93 $ 9.82 $10.11 $ 9.87 $10.56
======= ==== ===== ===== ===== =====
Total return (not reflecting sales load)............. 6.28% 7.20% 2.66% 9.31% 0.34% 12.66%
Ratios/Supplementary Data:
Net Assets, End of Period (in thousands)........... $113,380 $94,242 $77,677 $108,052 $158,420 $150,115
Ratios of expenses to average net assets........... 0.76%** 0.86% 0.81% 0.71% 0.65% 0.67%
Effect of waivers/reimbursements on expense
ratios........................................... 0.05%** 0.05% 0.05% 0.11% 0.15% 0.15%
Ratios of net investment income to average net
assets........................................... 5.86%** 6.48% 5.55% 6.44% 5.50% 6.00%
Portfolio turnover rate............................ 24.03% 46.23% 183.00% 339.95% 102.46% 54.43%
CONSUMER SERVICE CLASS
NET ASSET VALUE, BEGINNING OF PERIOD................. $ 9.93 $9.82 $10.11 $ 9.87 $10.56 $10.00
------- ---- ----- ----- ----- -----
Income from Investment Operations:
Net investment income.............................. 0.28 0.57 0.54 0.60 0.55 0.62
Net gain (loss) on securities (both realized and
unrealized)...................................... 0.31 0.10 (0.29) 0.25 (0.52) 0.61
------- ---- ----- ----- ----- -----
Total Income from Investment Operations.............. 0.59 0.67 0.25 0.85 0.03 1.23
------- ---- ----- ----- ----- -----
Less Distributions:
Dividends from net investment income............... (0.29) (0.56) (0.54) (0.60) (0.55) (0.62)
Distribution from net realized gains............... -- -- -- -- (0.11) (0.05)
Distributions in excess of net realized gains...... -- -- -- (0.01) (0.06) --
------- ---- ----- ----- ----- -----
Total Distributions.................................. (0.29) (0.56) (0.54) (0.61) (0.72) (0.67)
------- ---- ----- ----- ----- -----
Net Asset Value, End of Period....................... $10.23 $9.93 $ 9.82 $10.11 $ 9.87 $10.56
======= ==== ===== ===== ===== =====
Total return (not reflecting sales load)............. 6.14% 6.92% 2.40% 9.06% 0.08% 12.58%
Ratios/Supplementary Data:
Net Assets, End of Period (in thousands)........... $1,596 $1,465 $2,174 $3,225 $3,384 $1,952
Ratios of expenses to average net assets........... 1.01%** 1.03% 1.06% 0.96% 0.90% 0.78%
Effect of waivers/reimbursements on expense
ratios........................................... 0.05%** 0.05% 0.05% 0.11% 0.15% 0.15%
Ratios of net investment income to average net
assets........................................... 5.61%** 5.60% 5.30% 6.19% 5.25% 5.89%
Portfolio turnover rate............................ 24.03% 46.23% 183.00% 339.95% 102.46% 54.43%
</TABLE>
* Fund commenced operations on June 1, 1992.
** Annualized.
See notes to financial statements.
40
<PAGE> 47
PERFORMANCE FUNDS TRUST
LARGE CAP EQUITY FUND
Financial Highlights (continued)
For a share of beneficial interest outstanding throughout each period
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
NOVEMBER 30, ENDED ENDED ENDED ENDED ENDED
1997 MAY 31, MAY 31, MAY 31, MAY 31, MAY 31,
INSTITUTIONAL CLASS (UNAUDITED) 1997 1996 1995 1994 1993*
------------ -------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD................. $19.16 $15.29 $12.51 $11.33 $11.21 $10.00
------- ----- ----- ----- ----- -----
Income from Investment Operations:
Net investment income.............................. 0.10 0.24 0.23 0.25 0.23 0.22
Net gain (loss) on securities (both realized and
unrealized)...................................... 2.66 4.13 3.29 1.42 0.12 1.21
------- ----- ----- ----- ----- -----
Total Income from Investment Operations.............. 2.76 4.37 3.52 1.67 0.35 1.43
------- ----- ----- ----- ----- -----
Less Distributions:
Dividends from net investment income............... (0.10) (0.25) (0.23) (0.24) (0.23) (0.22)
Distribution from net realized gains............... -- (0.25) (0.51) (0.25) -- --
------- ----- ----- ----- ----- -----
Total Distributions.................................. (0.10) (0.50) (0.74) (0.49) (0.23) (0.22)
------- ----- ----- ----- ----- -----
Net Asset Value, End of Period....................... $21.82 $19.16 $15.29 $12.51 $11.33 $11.21
======= ===== ===== ===== ===== =====
Total return (not reflecting sales load)............. 14.44% 29.06% 28.73% 15.35% 3.10% 14.48%
Ratios/Supplementary Data:
Net Assets, End of Period (in thousands)........... $231,407 $233,454 $140,144 $100,110 $93,983 $87,755
Ratios of expenses to average net assets........... 0.86%** 0.83% 0.81% 0.79% 0.83% 0.83%
Effect of waivers/reimbursements on expense
ratios........................................... 0.00%** 0.09% 0.10% 0.13% 0.15% 0.20%
Ratios of net investment income to average net
assets........................................... 0.96%** 1.43% 1.65% 2.15% 1.99% 2.20%
Portfolio turnover rate............................ 3.79% 1.41% 6.00% 58.08% 27.11% 2.61%
Average commission rate (per share of security)(a)... $ 0.0898 $ 0.0899 $ 0.1067 $ -- $ -- $ --
CONSUMER SERVICE CLASS
NET ASSET VALUE, BEGINNING OF PERIOD................. $19.16 $15.29 $12.51 $11.33 $11.21 $10.00
------- ----- ----- ----- ----- -----
Income from Investment Operations:
Net investment income.............................. 0.08 0.20 0.19 0.22 0.20 0.21
Net gain (loss) on securities (both realized and
unrealized)...................................... 2.66 4.13 3.29 1.42 0.12 1.21
------- ----- ----- ----- ----- -----
Total Income from Investment Operations.............. 2.74 4.33 3.48 1.64 0.32 1.42
------- ----- ----- ----- ----- -----
Less Distributions:
Dividends from net investment income............... (0.08) (0.21) (0.19) (0.21) (0.20) (0.21)
Distribution from net realized gains............... -- (0.25) (0.51) (0.25) -- --
------- ----- ----- ----- ----- -----
Total Distributions.................................. (0.08) (0.46) (0.70) (0.46) (0.20) (0.21)
------- ----- ----- ----- ----- -----
Net Asset Value, End of Period....................... $21.82 $19.16 $15.29 $12.51 $11.33 $11.21
======= ===== ===== ===== ===== =====
Total return (not reflecting sales load)............. 14.30% 28.75% 28.42% 15.10% 2.85% 14.37%
Ratios/Supplementary Data:
Net Assets, End of Period (in thousands)........... $27,347 $19,531 $9,831 $5,234 $5,287 $3,348
Ratios of expenses to average net assets........... 1.11%** 1.06% 1.06% 1.04% 1.08% 0.94%
Effect of waivers/reimbursements on expense
ratios........................................... 0.00%** 0.08% 0.10% 0.13% 0.15% 0.20%
Ratios of net investment income to average net
assets........................................... 0.73%** 1.18% 1.40% 1.90% 1.74% 2.09%
Portfolio turnover rate............................ 3.79% 1.41% 6.00% 58.08% 27.11% 2.61%
Average commission rate (per share of security)(a)... $ 0.0898 $ 0.0899 $ 0.1067 $ -- $ -- $ --
</TABLE>
* Fund commenced operations on June 1, 1992.
** Annualized.
(a) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate paid per share for security trades
on which commissions are charged. This amount may vary from period to period
and fund to fund depending on the mix of trades executed in various markets
where trading practices and commission rate structures may differ.
See notes to financial statements.
41
<PAGE> 48
PERFORMANCE FUNDS TRUST
MID CAP GROWTH FUND
Financial Highlights (continued)
For a share of beneficial interest outstanding throughout each period
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR
NOVEMBER 30, ENDED ENDED ENDED ENDED
1997 MAY 31, MAY 31, MAY 31, MAY 31,
INSTITUTIONAL CLASS (UNAUDITED) 1997 1996 1995 1994*
------------ -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................... $16.71 $14.05 $11.11 $ 9.60 $10.00
------- ----- ----- ----- -----
Income from Investment Operations:
Net investment income........................................ 0.04 0.13 0.13 0.13 0.03
Net gain (loss) on securities (both realized and
unrealized)................................................ 2.78 2.99 3.44 1.51 (0.40)
------- ----- ----- ----- -----
Total Income from Investment Operations........................ 2.82 3.12 3.57 1.64 (0.37)
------- ----- ----- ----- -----
Less Distributions:
Dividends from net investment income......................... (0.04) (0.13) (0.13) (0.13) (0.03)
Distribution from net realized gains......................... -- (0.33) (0.50) -- --
------- ----- ----- ----- -----
Total Distributions............................................ (0.04) (0.46) (0.63) (0.13) (0.03)
------- ----- ----- ----- -----
Net Asset Value, End of Period................................. $19.49 $16.71 $14.05 $11.11 $ 9.60
======= ===== ===== ===== =====
Total return (not reflecting sales load)....................... 16.90% 22.62% 33.06% 17.31% (3.66%)
Ratios/Supplementary Data:
Net Assets, End of Period (in thousands)..................... $148,114 $125,035 $80,704 $48,068 $33,779
Ratios of expenses to average net assets..................... 1.01%** 0.92% 0.98% 0.96% 0.93%**
Effect of waivers/reimbursements on expense ratios........... 0.00%** 0.14% 0.16% 0.26% 1.00%**
Ratios of net investment income to average net assets........ 0.46%** 0.89% 1.06% 1.37% 1.60%**
Portfolio turnover rate...................................... 13.23% 7.72% 28.00% 20.39% 5.88%
Average commission rate (per share of security) (a)............ $ 0.0900 $ 0.0721 $0.1070 $ -- $ --
CONSUMER SERVICE CLASS
NET ASSET VALUE, BEGINNING OF PERIOD........................... $16.72 $14.05 $11.11 $ 9.60 $10.00
------- ----- ----- ----- -----
Income from Investment Operations:
Net investment income........................................ 0.02 0.09 0.10 0.11 0.03
Net gain (loss) on securities (both realized and
unrealized)................................................ 2.77 3.00 3.44 1.51 (0.40)
------- ----- ----- ----- -----
Total Income from Investment Operations........................ 2.79 3.09 3.54 1.62 (0.37)
------- ----- ----- ----- -----
Less Distributions:
Dividends from net investment income......................... (0.02) (0.09) (0.10) (0.11) (0.03)
Distribution from net realized gains......................... -- (0.33) (0.50) -- --
------- ----- ----- ----- -----
Total Distributions............................................ (0.02) (0.42) (0.60) (0.11) (0.03)
------- ----- ----- ----- -----
Net Asset Value, End of Period................................. $19.49 $16.72 $14.05 $11.11 $ 9.60
======= ===== ===== ===== =====
Total return (not reflecting sales load)....................... 16.77% 22.33% 32.76% 17.06% (3.70%)
Ratios/Supplementary Data:
Net Assets, End of Period (in thousands)..................... $11,675 $5,911 $1,437 $277 $35
Ratios of expenses to average net assets..................... 1.26%** 1.19% 1.23% 1.21% 1.18%**
Effect of waivers/reimbursements on expense ratios........... 0.00%** 0.11% 0.16% 0.26% 1.00%**
Ratios of net investment income to average net assets........ 0.21%** 0.65% 0.79% 1.12% 1.35%**
Portfolio turnover rate...................................... 13.23% 7.72% 28.00% 20.39% 5.88%
Average commission rate (per share of security) (a)............ $ 0.0900 $ 0.0721 $0.1070 $ -- $ --
</TABLE>
* Fund commenced operations on February 24, 1994.
** Annualized.
(a) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate paid per share for security trades
on which commissions are charged. This amount may vary from period to period
and fund to fund depending on the mix of trades executed in various markets
where trading practices and commission rate structures may differ.
See notes to financial statements.
42
<PAGE> 49
PERFORMANCE FUNDS TRUST
SMALL CAP FUND
Financial Highlights (continued)
For a share of beneficial interest outstanding throughout each period
<TABLE>
<CAPTION>
INSTITUTIONAL CLASS CONSUMER SERVICE CLASS
------------------- ----------------------
PERIOD PERIOD
ENDED ENDED
NOVEMBER 30, NOVEMBER 30,
1997* 1997*
(UNAUDITED) (UNAUDITED)
------------------- ----------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD............................. $10.00 $10.00
------------ -------------
Income from Investment Operations:
Net investment income.......................................... -- 0.01
Net gain (loss) on securities (both realized and unrealized)... (0.81) (0.83)
------------ -------------
Total Income from Investment Operations.......................... (0.81) (0.82)
------------ -------------
Less Distributions:
Dividends from net investment income........................... -- --
------------ -------------
Distribution from net realized gains........................... -- --
------------ -------------
Total Distributions.............................................. -- --
------------ -------------
Net Asset Value, End of Period................................... $ 9.19 $ 9.18
============ =============
Total return (not reflecting sales load)......................... (7.99%) (8.00%)
Ratios/Supplementary Data:
Net Assets, End of Period (in thousands)....................... $45,934 $472
Ratios of expenses to average net assets....................... 1.61% ** 1.86% **
Effect of waivers/reimbursements on expense ratios............. 0.00% ** 0.00% **
Ratios of net investment income to average net assets.......... (0.13%)** (0.58%)**
Portfolio turnover rate........................................ 0.16% 0.16%
Average commission rate (per share of security)(a)............... $0.0866 $ 0.0866
</TABLE>
* Fund commenced operations on October 1, 1997.
** Annualized.
(a) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate paid per share for security trades
on which commissions are charged. This amount may vary from period to period
and fund to fund depending on the mix of trades executed in various markets
where trading practices and commission rate structures may differ.
See notes to financial statements.
43
<PAGE> 50
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<PAGE> 51
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 52
[PERFORMANCE FUNDS LOGO]
INVESTMENT ADVISOR
Trustmark National Bank
248 East Capitol Street
Jackson, Mississippi 39201
ADMINISTRATOR AND
TRANSFER AGENT
BISYS Fund Services, Inc.
3435 Stelzer Road
Columbus, Ohio 43219
DISTRIBUTOR
Performance Funds Distributor, Inc.
3435 Stelzer Road
Columbus, Ohio 43219
CUSTODIAN
Trustmark National Bank
248 East Capitol Street
Jackson, Mississippi 39201
COUNSEL
Baker & McKenzie
805 Third Avenue
New York, New York 10022
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
THIS REPORT IS FOR THE INFORMATION OF THE SHAREHOLDERS OF THE
PERFORMANCE FAMILY OF MUTUAL FUNDS. ITS USE IN CONNECTION WITH ANY
OFFERING OF THE TRUST'S SHARES IS AUTHORIZED ONLY IN CASE OF A
CONCURRENT OR PRIOR DELIVERY OF THE TRUST'S CURRENT PROSPECTUS.
[PERFORMANCE FUNDS LOGO]
PERFORMANCE FUNDS TRUST
A FAMILY OF MUTUAL FUNDS
SEMI-ANNUAL REPORT
NOVEMBER 30, 1997
INVESTMENT ADVISOR
[TRUSTMARK LOGO]
National Bank
Performance Funds'
Investment Adviser
SHARES OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY, TRUSTMARK NATIONAL BANK, AND ARE NOT INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR
ANY OTHER AGENCY. SHARES OF THE TRUST INVOLVE INVESTMENT RISK,
INCLUDING POSSIBLE LOSS OF PRINCIPAL. PAST PERFORMANCE IS NOT
INDICATIVE OF FUTURE RESULTS.
PF1/98
